Yes, I would say it is.

The Savage and EX content is an extremely small slice of the game's content, even at the level cap. Nearly all of the added content is aimed at non-raiders, including dungeons, normal mode Alexander, 24-man "raids" (which aren't really raids in the traditional MMO sense), tomestone gear, and so on.

The majority of players don't even do Savage or EX Primals, after all, and the game seems to be doing quite well for itself.

I think there is a subset of players who probably could or should raid that don't for whatever reason (such as not wanting or being able to find a static group) who are likely to suffer burnout, though, as the game doesn't have much content "in between" the non-raid and the raid (that is, Savage/EX) content.