in one word: yes.
aromatization is not per se bad.
too much E (and/or an out of whack T/E ratio) is
E is anabolic. in somewhat different ways than T, but it is a symbiotic relationship of sorts.
also, consider this. if one takes 1-test in large enough doses and for long enough, it will eventually suppress endogenous T to near ZERO. this will mean little to no endogenous T and consequently little to no endogenous E either. that's because men don't produce E. and NO e and NO t is not a good thing.
yes, more E can also mean more water weight, etc. but even that is not a bad thing. literally REAMS have been written about this, but to put it succinctly, E is not bad.
there are several positive effects that E has on the body.