Yes but not all the time. Personally, I only use it in that context when I’m watching a game or a competition.
For example, if you are watching a game and the score is tied, in that moment you can say ‘Things are getting intense.’ because you are getting excited and nervous on who will win.
On a negative form, it is used when things are starting to look bad. For example, you see your neighbors arguing but they started to hit each other. You can say “Things are getting intense, i better call the police.” わかる？