Yes. (To Safely Remove/Eject, I mean.) That is, when it lets me. It doesn't always let me, and sometimes when that happens, it NEVER tells me it's been released. I also try using the eject triangle next to the drive's name, which I assume does the same thing. I like Lite a lot but honestly, the problems I've had with using USB drives have been pretty much constant.
@Tyrannocaster ,
When you remove the USB, are you right clicking on the USB's icon via the file manager (Thunar) and selecting Unmount or Safely Remove/Eject?
EDIT: I've been searching and reading and it really seems like this is a Linux issue and not a Linux Lite issue - there are so many people who have problems with USB drives and Linux. The Ubuntu forums have lots of threads but it goes beyond Ubuntu based distros, too.

For those of you who don't have these problems, consider yourself lucky!