There is fun in frustration, but only so much of frustration in fun, to make both a point and a linguistic joke. Overcoming frustration can be fun, but if the frustration drags on too long, there is no fun involved.
Though, I'm also of the opinion that cheat codes need to return to games, because I like being an unstoppable god with superpowers. Overcoming challenges isn't usually my schtick, platforming games notwithstanding (we all have our favorite cruxes), so turning on infinite magic, health, ammo, etc. and storming through enemies, experiencing the story, and having the efforts of the collective masses ping off my impenetrable skin is more fun that overcoming some minor challenges. Lacking cheats, I'm okay with easier difficulty settings, not needing to prove myself capable of such feats as beating God of War 3 on Chaos difficulty.