Yes. Once you get the hang of it, you will figure out where the dangers are and how to avoid them, and you can have a safe and prosperous fortress for ages. And without any cheating or exploits.
The great thing about DF is that after the initial difficulty of figuring out the complex interactions, it is actually an easy game in many respects. If you look at the ratio of the amount of work you have to dedicate for necessities in comparison to the total work your fortress is capable of producing, well this ratio is actually the lowest for any city builder I am aware of.
Even if your fortress reaches 200 dwarves (the usual maximum), you can still feed it with 2-3 farmers, 1-2 cooks and 1-2 brewers once you get them all experienced. You can have one experienced dwarf working on trade goods that will produce enough wealth to get you anything you wish to buy from the caravans. One clothier can make all the clothes your fortress needs.
You do not have to fight invaders or monsters if you really do not want to. There is a way to seal off your fortress and make it impenetrable ... and then you just wait for the invaders to leave. But it is not that difficult to create a well armed, armored and trained military to head off any invading force.
There is a complex stress system, but really it is not that difficult to keep your dwarves happy and free of stress.
So once you have figured out all the possible pitfalls and how to avoid them you end up with this fortress that has massive amounts of spare production capacity.
So you start doing fun stuff: building megaprojects, or trying to make the most beautiful and expensive objects and pampering your dwarves with every possible luxury, or making a powerful military and seeking out and fighting the monsters, etc.
When they say losing is fun, losing happens in a couple of stages. First, when you are newbie you just kind of hit all the possible pitfalls that the game has for you. Ware-wolves, (or ware-tapirs), vampires, goblins, dwarves in strange moods going mad, goblins, underground monsters, necromancers, ghosts, drunken guests in your tavern, etc.
And then you learn about them and how to deal with them. So then you get to the second stage of losing is fun. This is when you have a safe and prosperous fortress and get kind of bored so you embark on a grand and ambitious project, that turns out a little too ambitious and your entire fortress ends up flooded with lava.
Or you get a military so powerful that you decide in hubris that you can face off any challenge and go to a place where really no mortal dwarf has any business going.
But this second stage of fun losing is entirely optional. You can have a happy and prosperous fortress for as long as you want, once you have figured out the game.