Yes, but nothing like getting infected with a modern virus will waste your time.
If you hate futzing with Flash, and it's a non-business computer, you can set Flash to auto-update.
If you want to reduce the page loading time, depending on your browser you may be able to set Flash (in your browser add-ons) to start only on demand. That way you can play only the Flash content you want.
So true. knock on wood- one of the things I love about Macs is that they seem to be (so far- out of 3) self healing.
I just hate Flash, period (I always have) - so I avoid it in every way I can.