Are some oils more suitable for high-temperature cooking than others?

Yes. Heating can alter a cooking oil, depending on its smoke point. Smoke point simply refers to  the temperature to which an oil can be heated before it smokes and discolors--indications of decomposition. Smoking also indicates a risk of combustion. Therefore, reduce heat immediately if oil begins to smoke.  
 
Oils suitable for high-temperature frying include safflower oil, canola oil, sunflower oil, soybean oil, peanut oil, sesame oil, corn oil, and palm oil.              
 
Source(s):

Wikipedia.org "Cooking Oil"
Missvickie.com "All About Cooking Oils"