The wheel bearing itself would make a consistent noise, but, the beat signal you describe, with the vibration pulsing is usually cause by two nearly consistent sources of vibration adding together.
By the time a noisy wheel bearing is causing enough drag to be felt, it's completely ruined, and you'll only get another mile or two before it locks up solid. However, it takes only a tiny imperfection on a roller or a race to make a bearing begin to make noise, and the noisy bearing can remain in-service for a considerable period of time before the noise gets worse.
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