It can. It’s in the same class as Civilization, Crusader Kings II (same dev), and others in that that it’s capable of becoming a huge time-sink.
This was actually a ‘speedy’ game in that I think the total time played was only around 10-12 hours. Also, Stellaris is real-time (with speed control, at least in single player) so you don’t have the Civ thing of “Turn 1 took me a minute. Turn 200 takes about an hour.” although the devs tend to Dwarf Fortress level of detail, so the late game crawls because there’s so many moving parts requiring processor time. Each empire has planets, leaders, a tech tree, fleets, etc.
I’ve never finished a game previously due to losing interest as I rarely have 2+ consecutive days I can play. If it gets spread out I either lose the ‘plot’ (there’s a lot of ‘story’ events anyone familiar with CKII will recognize, but less familial murder) or there’s occasional big patches that will render old saves unplayable, and rolling back is not worth it. Especially as even the free patches add neat new stuff, much less the paid DLC that adds fun stuff like megastructures or the playable robot empires I used.
The newest DLC is apparently a small batch of humanoid portraits and ship design, but I think I’m content savoring my victory through the holidays and waiting for it to go on sale.