The holiday now known as Christmas (formerly Saturnalia, even more formerly the Festival of the Winter Solstice) has always been about celebrations and gift-giving. It's basically mankind's way of ousting despair in favor of joy and goodwill, giving the middle finger to nature as if defiantly saying, "You haven't killed us last winter, you're not killing us this winter, and you won't kill us next winter."
So, not really. Christmas at its roots is very much about the revelries--it IS the holiday that the Catholic Church replaced Saturnalia with, after all--but now there's the addition of, "Oh yeah, one of my religion's major figures took earthly form. Maybe I should celebrate that, too."