It definitely is. Classical picking is hard, too. It's about generating a good tone and keeping good time, and also about muting to control rhythm and tone as well as unwanted notes. Picking is an endlessly deep well. Chords and scales are quite straightforward by comparison.
Is it? I've been playing classical and folk for a long time and I think picking is far, far easier.
Maybe picking is harder in other styles, like electric guitar?