Yes, in certain cases

Yes, US citizenship can be revoked for naturalized citizen in certain cases, mostly due to certain crime or denounce US citizenship in certain cases.

To give you an example, suppose your airplane is hijacked by Arabs and they are going to let all non-Americans go and detain all American citizens. You happen to have a Chinese passport in your hand. You stand up and said I am Chinese and walked out. Your US citizenship will be revoked for sure.