No its not really.
Overclocking does not damage your components if you are careful.
All it does is simply brings out the best the components in the chip can do, by boosting manufacturing speeds. If you don't go too high, no damage is made, and you can simply usually revert back if anything goes wrong.
All you are doing when overclocking, is sending varied amounts of voltage to the components on a PCB, i.e a motherboard or CPU.
Because the chips are just chips, like gates that carry electrical current, overclocking can be a worthy thing to do, and doesn't have to damage components if you are careful.
Yes, its possible to kill a component by shoving it with too much voltage compared to its standard, but being careful allows for controlled and sometimes excellent results.
It also means people with not much money can get a really good computer, simply by overclocking a CPU to a higher clock rate than specified on the package, and getting ALOT more for your money, and even to the point where you surpass much higher costing CPU's for NO more money.