Absolutely. No game can touch Morrowinds story, lore, and depth. They just can't.
Morrowind had so many more little things. Like how you never know exactly what happened to the Dwemer in that war 2000 years ago. Were they punished by the gods when they stole power from the heart of Lorkan? Did it destroy them? Transport them to a different realm? And yet you meet Yagrim Gro Bagurn with corprus disease and the conversation with him was just amazing. All so well thought out. The boss battles and plot twist were great as opposed to Mankar Camoran who was a complete disappointment. It wasn't nearly ruined by level scaling, there was actually a REASON to go exploring caves instead of finding the same level generated equipment.
I might name my band after Nerevar. The god killer was just such a badass. And all that's assuming you aren't even modding Morrowind. However I've been spoiled rotten by Oblivions graphics and better combat system, things like a compass and fast travel. It would be hard to go back.