When executed properly and safely in the presence of a spotter, bodybuilding as a hobby can be the safest and healthiest thing an individual can do. It's often less than not the individuals who come to the gym with absolutely no knowledge what so ever that leave out in injuries.
As long as you are lifting weights properly, and not extending yourself past your limits, than yes. Also, as long as you are doing it "naturally" and not using steroids.
As long as you are lifting the weights properly, and don't overextend yourself, bodybuilding is very safe, as long as you do it naturally, and without any drugs like steroids.