I do, but I condition my hair daily. I have never had an adverse reaction with my hair. You just have to keep regular maintenance, like cutting split end and such. And I have straightened it daily since 4 years ago. And never had to cut or "replace" it either.
My Aunts a hairdresser, yes it is, it will eventually end up frying your hair. You can use heat protectant on your hair to make it not as bad, but it is still bad for it try scrunching your hair every once in awhile, and get leave in conditioner.