clearance between shaft and shaft hub

Yes and harmonics of 1xSS are likely, especially 4xSS.
Walt

The clearance by itself may not be an issue if the device is light-duty stocking-stuffer grade, and the set screws are well tightened.

But The change in centering of a formerly well "balanced" part CAN and WILL result in some greater amount of unbalance.

Note that eccentricity or change in centering of a mere 0.0015" uses up the entire G6.3 tolerance at 1800 rpm.
page 4 here -

Shaft runout, resulting from shaft > ball/roller bearing fits or actual shaft runout also eagerly conspire to move even a snug fitting rotor off the rotating axis of the balance arbor, often making the "Precision electronic balanced" sticker pretty misleading.