CNC machining in PTFE (Teflon)

Yes, PTFE (commonly known as Teflon) is a very slippery plastic, which makes it a good material for machining low-friction parts such as bearings. PTFE resists high temperatures and chemicals/solvents making it an excellent insulator.

Polytetrafluoroethylene (PTFE) is a thermoplastic.

The advantages of PTFE (polytetrafluoroethylene) include:

Low friction
Self-cleaning
Durability
Effective across a wide range of temperatures
Non-flammable
Corrosive resistant
High electrical resistance
The disadvantages of PTFE include:

Price
Difficult to mass produce
Can change shape under pressure
Unweldable
Cannot withstand extremely high temperatures and melts at 326C

PTFE applications range from non-stick coating in kitchen cookware to high-tech medical and hospital uses including implants, surgical instruments and test equipment.
PTFE is highly heat resistant and resists friction against solids, which enables PTFE to be used as a component of gears, gaskets, side plates and bearings. It’s also used to make containers and pipes because it is anti-corrosive, and non-reactive. PTFE also has good electric insulation properties and is used in insulating cables and connector assemblies. This makes it ideal for coaxial cable, printed circuit boards and hookup wire.