Oh yes it will!

My Mfi S2 chatters even with a dump valve fitted! But 10x more so without one! If i let off just as the turbo spools up to peak boost (17psi) it will chatter.

Yes it is to do with how much boost you are running, as it's the sound of the pressure building up back to the blades on the compressor wheel and trying to stop it rotating. This is why people say dump valves are good on high boost cars because it stops the pressure build up reaching the compressor wheel and slowing it down..... in theory reducing lag.