I think it is. From what you describe, the light is coming on just when the fan is being told to run - this indicates that the fan module is telling the ECM that the fan motor is not responding correctly, for that reason, it lights the light.

If the Fan module was just plaiin defective, the light woulid always be on.

The fact that you said there was an odd noise when this first started also may have been the motor coming apart internally.