No, it isn't.

We can all survive with a little less happiness. If our playgrounds are a little more boring, we can all deal. (though if anything they are a lot nicer than the ones I grew up with) Happiness is a good that can come from many sources, and while it's nice to have, if it is reduced, we can usually adapt to it by finding a new source.

Happiness shouldn't be a reason to trade lives.