Definitely not as the general/default, many of us are adding media all the time (literally numerous pieces every day) and want to be able to find and play them as soon as they are available.... personally, I have considered decreasing the period rather than the other way around! But if it suits your purpose you could always change it on your system, or make a patch that makes this configurable. But with the default as is now .... when there are arguments in both directions, generally the status quo should rule in the absence of any compelling argument!
But as for HDD activity. Seriously, scanning the directory structure for changes in meta data (which is essentially all it is doing most of the time), on a 2 min period, with little actual change is going to produce only a relatively minor amount of "hard" HDD activity on devices that are, realistically, intended to run flat out for several years. Particularly when much of the access is really going to be "soft", ie coming from cache rather than the actual platters. I don't think UpdateMedia really adds a huge amount of "wear"....