Yes, absolutely. But after that, at least some aircraft have additional service letters from the factory on updates that are not mandatory, but significantly improve reliability. For example, older Decathlons and Citabrias have spring gear legs secured with U-bolts that are notorious for breaking, with consequences that usually include a prop strike and spar damage. There is no AD, but a service letter from the manufacturer recommends replacement with a bar and 2 high strength bolts. These aircraft also have no breakers or fuses to the main bus or alternator field circuit; another service letter provides instructions to retrofit breakers to protect those circuits. The factory sells kits for both service letters at a very reasonable cost. I just ordered both yesterday, and plan to install next week. There are another dozen service letters of lesser importance that I plan to work through with my A&P/IA over the next year or two.
My point being that after you fix broken stuff and meet compliance requirements, that first annual is the time to start talking with your mechanic about a plan to get your aircraft from "airworthy" to "well maintained". In my case at least, service letters are good recommendations from the factory to preempt trouble spots they have found over the years.