Clearly. We should strive to be miserable and frustrated because that's a lot better.
But I think a strategic view of "what big choices in life will contribute to long term happiness?" is a still good thing to consider.
I think if a person's "happiness every day" is "smoke crack and gamble in search of a short-lived rush", he needs to reevaluate, because that won't serve long term happiness.
OTOH, if a person's "happiness every day" is "do yoga, spend time with family, and work reasonable hours at a job he enjoys", then that's a good idea.
Ideally, the short term and the long term are reasonably aligned, otherwise you get problems.
Personally, I aim to enjoy life and ensure that any children I have can do the same. I'm not sure if I'd see a point if there wasn't happiness in it for me. Fundamentally, we're fairly insignificant. Your interpretation of life is all you have. Why not be happy?