Revving the engine of the car while in neutral sounds cool and harmless but not every time, yes. More revolutions mean the Pistons have to reciprocate more frequently, which creates more friction between the pistons and cylinder walls, which doesn't make your engine happy. It's not as bad as you might think though, it just accelerates the wear and tear of the engine components a bit. Provided you keep up with maintenance and adjust it to your driving habits, you can rev the ***** out of your engine every day and still have it running reliably to 200K km.
Think of it like a human body. Most of the time, it wants to get by with as little exertion as possible. But you can exercise it all you want, provided you let it repair itself. Replace parts as they wear, feed it a balanced nutrition of quality oils and greases, and so on. Otherwise, if neglected, you can ***** something up and nobody's happy, just like pulling a muscle. Not only is the car out of commission for a while, it'll take some serious resources to get it back into peak condition again if you don't scrap it, but I've never heard of athletes sending their bodies to a salvage yard just because they got injured.
Conclusion: Revving the engine in a limit is harmless, but some legends have said excessive of anything is harmful.