Yes, but think about it: If it did happen (and the cable survives reentry. I'd imagine that at least in the earlier stages it could. Later stages may not, but that might instead just result in airbursts which are just as bad) it'd fall across the equator. The cable would be able to wrap around the planet at least 7/8 of the way, accelerating the entire time. Unless the equator was deserted, there'd be at least a few cities in the way.

Those cities would be levelled.

Depending on the severity of the impact too, it might be enough to trigger a mass extinction, or at least damage crop yields for some time as dust gets lobbed into the air.

A falling elevator would be dangerous as all hell.