Depends on the application. For a crusier, yes. For a street strip car, yes, if properly prepped, for all out race, maybe not. For blown or turbo applications, no.
FWIW, my stock 360 cast crank has been shot peened, had the journals radiused, and been balanced. It lived for 12 years as a race crank at 6500 rpm, with occasional vists to 8000. It has since been retired to street duty.