Yep. The only thing you can't do in year 1 is dance with someone in spring.
Year 1 and Spring of Year 2 is more than enough time- not min-maxing- to accomplish everything in the game that matters. By that time I had a full farm making tons of money, all the buildings, the rainbow sword or whatever, explored the cave completely, and opened the casino. I was married and had kids, and every tool upgraded.
It's not a hard game. I don't know why you guys feel like you have to pretend it's a hard game. People are also simultaneously saying "it's a game you play how you want" but acting like I'm an idiot for accomplishing everything there is to do within one year's time, by playing how I want.
The game has a limited amount of meaningful content. It is possible to exhaust it in under two years. Adding 3 more players will exhaust content faster. There's nothing subjective about that claim.