No , only when the substrate goes aerobic . Basically not enough oxygenated water is circulating, causing and diferent type of bacteria to form in the bottom most layer of the substrate. Hence the advice for stirring up the gravel with wc.
If it smells of rotten eggs then its hydrogen sulphide gas and yes , its toxic.
If the bubbling part is localised and not spread thoroughout the tank, then bury a long airstone / strip in the sand and run air through it continously.
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