Sure is, especially with lower-end 'brand named' company ratchets. My $300 Matco at least had a slight "film" of oil on most of the parts when I opened it up for the first time. I lubed the **** out of it, just like any typical ratchet. It won't hurt anything since all mechanism in the in shaft/handle part of the wrench---the ratchet's there to simply serve its' purpose.
feel free to grease your heart out!
ps-Those internals are EXACTLY what my E-Z Red 1/2" extendable flex-head ratchet looks like and it was extremely smooth for being a dry ratchet. After some grease, it was so smooth.