Yes.

They are slightly different. If I team up with someone, I work together with them as an equal. I usually join up with a group, with someone at the head who would have a position over me, organizing things. This applies for anything except travel. I could team up with a friend or friends, but I would join up with the army. I can talk about joining up with another person as an equal, but I would tend to use 'team up' more. Also, if I talk about people or groups meeting at a certain point and traveling on together, I would use 'join up', instead of team up, even though we are talking about equals. "We're going to join up with the group in London and then fly on to Paris from there."