Only if the sprinkler head itself interferes with the golfers stance or swing. So I take this to mean if you are standing on the sprinkler head then there is relief. If your swing will hit the sprinkler head on the backswing or the follow through there is relief. If not play it as it lies.
Pick the spot it went into the penalty area. Draw a line from that spot to the pin and go back on that line as far as you want. (With your example it would be back in the fairway.)
The first thing to do is make sure the head is not coming off the shaft. Take the head and put it between your feet. Grip the butt of the shaft and twist. Give it a good go. If it's loose you will know immediately.