Not with tires, but sails. I found out the hard way that all the strength in Kevlar fibers is in the warp - with the strands - and it takes nothing to break it across the grain. I would say that a Kevlar belt wound around the tire would be best, but if wound in the direction of rotation would not take a hit on the side.
The local fleet champ was one of the first with a Kevlar mainsail. The sailmaker said that if you took good care of the sail and didn't let it flog, it should last 2 seasons. The end of the last race on the second season, the main came apart. There wasn't a big enough piece to wipe your butt.