Not quite. The counter-notice also includes that language, "I swear under penalty of perjury that the notice-giver is wrong". So there's no penalty for lying in the notice, but the same can't be said for the victim of the notice. What's more, you _can't_ counter-notice that your use of copyrighted material is protected by fair use - that has to be found in court, so hopefully you've got deep pockets.

DMCA is an awful law.