Yes.
It is part of the Auto-Import system. If you turn on Auto-Import, and enable the "Fix Broken Links" option (best to use the "protect network drives" version though), it'll remove broken links from the database.
This works even if you aren't actually importing anything via Auto-Import (so the folder list is empty), I believe. It certainly operates on folders that aren't in the folder-list, anyway (much to my repeated displeasure).
Another, more manual, way to do it is to use a "Is Missing" smartlist. You can use this in a search to have a view or smarlist restricted to only missing files:
[=IsMissing([Filename])]=1
Please Note: That search performs very slowly, especially if you apply it to your entire library, so use it with caution. You'd certainly not want it to be in a view you use every day. It works great as a special-use smartlist or view though. Just be aware that when you click on the view or list, it might take a minute or three to open up.