It could be but I would think it is the camshaft actuators which make noise when the oil is low or needs to be changed if this is the case please follow this guide which will walk you through the steps. Use the right weight oil.
https://www.2carpros.com/articles/how-to-change-engine-oil-and-filter
Fluid Types
Engine Oil .................... SAE 5W-20 Premium Synthetic Blend Oil XO-5W20-QSP or equivalent
Ford specification .................... WSS-M2C153-H
Capacities
Engine Oil Capacity
4.6L (2V) .................... 6 ± 0.25 Quarts*
4.6L (4V) .................... 6 ± 0.25 Quarts*
4.6L (Mach I 4V) .................... 6 ± 0.25 Quarts*
* With installation of a new filter.
Can you please shoot a quick video with your phone so we can hear the noise, that would be great. You can upload it here with your response. Please let us know what you find. We are interested to see what it is.
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Friday, February 8th, 2019 AT 1:54 PM