The answer is absolutely yes.  Even though the Rock Fortress is more than likely Sri Lanka's number 1 tourist attraction; the Village itself remains rustic and the surrounding landscape is worthy of exploration. 

There are quite a few places to stay, like Sigiri Lion Lodge (with Ajith's extreme service with a smile) and Lal's Homestay (with tasty and plentiful evening meals).  There are plenty of places to eat but for me the best are Shenadi (for it's amazing curry and sambols) and Chuti (for roti's from heaven - ask for hot).  They are both very close to the (locals) entrance to the Rock.   

There are jeep safari's that will take you into the countryside, but if you're feeling more energetic get a bicycle and take some of the backroads, to the small rock and on to the 'reservoir' or dam, that is popular with locals and has great views back towards Sigiriya.