Absolutely. The EU's regulatory posture is to prohibit things that could cause harm in the future. It's very consumer-first, risk-avoidant, and a fair way to do things.
For someone who's more willing to accept risk and who prefers regulating bad outcomes rather than just scary things that could possibly have bad outcomes but which nobody can predict, it looks over-protective. But I fully support the EU's right to take a wait-and-see approach and gradually accept AI if it goes well for the rest of the world.
Europe hasn't been at the forefront of any tech or cultural change for centuries, and seems to be getting along just fine.