To varying degrees, yes.
But more often than not, it is no. ISP's have more to be concerned about tracking. As long as there is no complaint about a potential copyright violation you have nothing to be concerned about. And even then they would only warn you initially. They still would not fall into a role of investigation.
But on any p2p network there is the potential for people to connect to network, download and track the ips that they are downloading from.