Yes, because it's safer than a blower and a turbo because they introduce extra heat while nitrous cools. So an engine can take more nitrous power than blower and turbo, or put another way, you can use it on your stock engine without having to lower compression.
No, because all this is only true if you keep nitrous/fuel ratio steady. If for whatever reason your extra fuel pump or a clogged filter or too narrow fuel line reduces the extra fuel at WOT, then you'll have a melt down in seconds. In my street racing days, I used to bolt a fuel pressure gauge on in front of my windshield to monitor. Today modern electronics can cut the nitrous if the fuel pressure falls.
If you have a pretty stock engine and want some fun, nitrous is great. If you have an engine you poured a lot of money in already, maybe it's too risky.
But the sensation when accelerating, and just pushing a button and getting 200HP extra, is fantastic.
