The short answer
Yes, in general. Keep it close in the crowded parts of Jemaa el-Fna and the busiest souk lanes, and stay aware of who is around you. A strap worn across the body is more secure than one over a shoulder. The bigger risk to your photos is friction with people you photograph without asking, not theft.
In more detail
Pickpocketing in thick crowds is the main crime risk in Marrakech, and a camera swinging loose or a phone held out to film the square is an easy target. Carry the camera in front of you, keep the bag zipped, and step into a doorway to change lenses or check shots rather than standing in the flow of people.
Etiquette matters as much as security. Ask before you photograph anyone; 'mumkin sura?' means 'may I take a photo?'. Performers, henna artists and snake charmers on the square expect payment for pictures, and long lenses pointed at people who have not agreed can cause real friction there. Keep the camera discreet around them unless you plan to pay.
Phone cameras handle the Marrakech light well, so you do not need heavy gear in the souks. If you do bring a camera, a versatile zoom is more useful in the tight, shaded lanes than a long telephoto, and it draws less attention. Check that your travel insurance covers the camera's full value; many policies cap single items.
Good to know
- Use a cross-body strap in crowds.
- Keep spare batteries; cold desert nights drain them fast.
- Seal the camera in a bag against dust in the Agafay or the Sahara.