It's possible..I have seen where if you hit creatures really fast the status bar is not quick enough to keep up..Damage is being done, just doen't show up for some reason or another..Hopefully the magic weapons do their damage correctly, but with this game being so buggy, who knows..
When you use a weapon that causes "deep wounds" or causes the enemy to catch on fire (magic fire too) that damage doesn't show up on the status bar. But you can see/ hear them continue to take damage and some times fall over dead. D