No!
iTunes is definitely one of the worst ways to go. Being an audio hobbyist, I value the bitrates of my ripped CDs. So here is what I have done for about 300 or so CDs.
Downloading Exact Audio Copy, a free open source CD ripper. This software will allow you to rip all of your CDs in pristine, flawless audio. FLAC format, or Free Lossless Audio Codec, allows you to store your music in high quality archival format—another words, a rip in FLAC will sound exactly like it does when played in your CD player. The only way to get better quality than that is vinyl rips (which is another debate entirely; suffice it to say that there is no technology sufficent right now to reproduce the effects of acoustic vinyl!).
Follow this guide to learn how to set up your settings. While a bit more complicated than regular rippers, this program ensures that you can either rip to FLAC or MP3, including codec profiles like V0 or V2. To give a comparison of compression types:
FLAC is large, mainly used by people with large hard drives. It is not ideal for MP3 players, as it is incompatible with many. However, from FLAC you can convert to any format without transcoding (transcoding: converting from a lower bitrate to a higher bitrate, resulting in horrible compression loss).
MP3 V0 has the best quality, but is the largest file size, around 100mb for most 1 disc albums. By comparison, V2 has admirable quality but is smaller, the same album might be 60–70mb.
Both MP3 V0/V2 and FLAC have variable bitrates which mean they are dynamic and change constantly throughout the track, which ensures that high bitrates are only used for parts that require it; i.e., some parts of V0 may drop below 100kbps, though not very often.
Long story short? iTunes rips to an inferior bitrate quality and is not good for anyone serious about listening to their music. While EAC (Exact Audio Copy) is a bit more complex, the results are worth learning to use it, and allow for various possibilities in terms of archiving and compression.
Feel free to PM me for further questions!