Yes, in the same way that it could also make one miserable. It's all about the experience and ones point of view going into that experience. If you like watching something grow, sharing affection with new life, and know that at times it will be a struggle, then it can make one quiet happy. If ones not prepared for the responsibility, thinks that somehow having a child will automatically garner them affection (which is not always the case, from the child or another), or just flat doesn't have the finances to support another human being, then it can be a nightmare.

There's two sides to everything, and sometimes three. You should consider your own position from the childs point of view...do you think they would be happy under the circumstances? If you don't think they would...then you may just be wasting your time.

I think its wrong to try and invest ones happiness in another. People are unreliable at best and monsterous at worst. It wouldbe better if one could find a way of making ones own happiness.