Short answer: usually yes, for personal listening. The longer answer involves a three-way relationship between artist, label, and platform.
Music is more tangled than video because a single track is usually owned by several parties at once. The artist wrote and recorded it. The label (or the publisher, or the distributor) often owns the master recording and the mechanical rights. And SoundCloudhas a licence from whichever of those parties uploaded the file to serve it through their platform. A "SoundCloud track" is never just one object — it is a file sitting on top of a stack of overlapping rights.
The good news is that a large fraction of the SoundCloud catalogue was uploaded specifically because the artist wanted it heard. Bedroom producers, unsigned rappers, bootleg remixers, live DJs, and indie labels use SoundCloud as a promotional surface — the platform's whole cultural position is that it is the place to give music away in exchange for attention. Many tracks are explicitly released under Creative Commons licences, and many more are effectively free-to-share even without a formal licence. For the majority of SoundCloud uploads, downloading a copy for personal listening is exactly what the artist was hoping you would do.
Under fair use (United States) and fair dealing (UK, Canada, Australia) doctrines, making a personal copy of a work you have legitimate access to — for listening, time-shifting, study, criticism, or research — is generally lawful. The same legal framework that protected home taping in the 1980s still covers the MediaFetcher use case today. Downloading a track to listen on a flight is fair use. Downloading it, burning it onto a CD, and selling that CD at a market stall is not.
Where it gets murkier is around unreleased or demo tracks. If an artist posts a demo of a song that will later become an official single, and then deletes the upload, you are in an ethical grey zone: the file was public when you pulled it, but the artist has since changed their mind. The honest move is to respect an artist's deletion. Do not re-upload deleted demos. Do not redistribute them. Keep your personal copy if you want it, but understand the difference between archiving a thing you love and undermining the artist who made it.
There is also the "buy the thing you love" principle, which is both the most ethical and the most practical approach. If you download a track on SoundCloud and listen to it more than five times, buy it. Buy it on Bandcamp (the artist gets ~80%). Buy it on Beatport (the artist gets ~50%). Buy a t-shirt. See them live. Streaming pays fractions of a cent per play, and that is assuming the track is even on a paid platform. A single Bandcamp purchase funds an indie artist more than a year of Spotify streams. Downloading is for listening; paying is for existing.
What is unambiguously not allowed, in any jurisdiction, is redistributing or monetising a copyrighted track you do not own. Do not upload downloaded tracks to your own channel for ad revenue. Do not release them on a compilation without a licence. Do not rip Go+ exclusives — they are paywalled for a reason and MediaFetcher does not bypass that paywall.
This is general information, not legal advice. If you have a specific commercial use case — a DJ mix for sale, a sync licence, a compilation release — talk to an actual music lawyer in your jurisdiction.