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I think it is.  When you see firemen riding around in a fire engine when there is no emergency, they're just out exercising the machine.  In the case of 4x4 vehicles, my take is that exercising the system is more about the front differential than it is about the transfer case.  You stir up the fluid in the transfer case whenever you drive the vehicle, but the front differential is internally motionless unless you're in four wheel drive.  And BTW, the best time to change the fluid in either differential or the transfer case is when they're warm from having been exercised.