PSA for bird owners: that off gassing is highly lethal to birds. You shouldn't cook with teflon and have birds. They can die in minutes even when on the other side of the house.
Yes. It can emit toxic gasses at high temperatures though, so I'd recomment always trying to keep it under 200°C (390° F). (My pans are a ceramic non-stick so I don't have to worry, but they are more expensive).
Conveniently it seems that the smoking point of olive oil is about that, while its boiling point is ~300°C (570°F), which give nice physical cues without having a thermometer.
