Absolutely!
Most of my music listening now is a constant discovery trek. I still have some "favourites" from the last 50 years of being a music fiend, but I seldom return to them. Some of my favourite music of old - 70s Rock - almost never gets a spin.
My "favourites" playlist grows about 5 songs per week, and is the playlist that gets used while I bike or drive (the key being that I don't need to interact with it). Otherwise, most of my listening is via the Dicover Weekly, Release Radar and then a random scowering of the music landscape. While I too worry about being algorithmically imprisoned, I don't deny it the opportunity to suprise me. I do counter it, by enforcing serendipity - even if it means only giving a song 20 seconds before I move on. Once I do find a song I don't mind - it get's added to the favourites list. Once there, if I notice that I wan't to skip it - it may eventually get pruned. Thus the favourites list is not simply an evergrowing list, but something that represents the contemporary me with whisps of my history.