My parents dog did that once, but it was behind the couch where no one could see. When they went to move, that's when they found the hole in the wall. Granted, the dog was probably a puppy when she chewed the hole at the time.
They now have a new puppy, so I keep making a joke whether they have checked for holes behind the couch yet.
Moral of the story, gyprock is more appetising for dogs then their toys.