For an actual answer...

Yes the vitamin will absorb, but it's not absorption with the vitamin that's the issue, its compound competition. For example calcium competes with iron.

It is completely possible to develop deficiencies even eating a balanced diet. Iodine deficiency is becoming common again. I have 3 family members with poor thyroid ratings, one had a goiter, one isn't a blood relative. Potassium Iodide treatment fixed all of them. People don't use iodized salt anymore.

Iron deficiency can occur even with servings of regular red meat. Anemia can occur.

If your athletic at all, elements can become depleted, Mg, Zn, Se

If you're under 30 and in good health you wouldn't notice much, but as you get older deficiencies can manifest into noticeable symptoms.