Yes. The bubbling of hydrogen peroxide is due to the formation of oxygen from it by this following reaction:
H2O2 ==> H2O + O2
There's a release of dioxygen, that's why the reaction is foamy.
In fact, this chemical reaction is very slow. It takes several weeks for the hydrogen peroxide to be transformed into oxygen at room temperature. But like most chemical reactions, it can be accelerated, by heating, or by catalyzing it.
So, the liquid hydrogen peroxide that is sold in the stores is an unstable solution, especially when it's open. That's why these bottles should not be kept very long,