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2Ataman: Absolutely! The strength of the Necropolis faction isn't in dragons – you can use Spectres either against weaker units of level 5 and below, or hoping for the "Aging" spell to trigger – it's a pretty good thing.
By the way, I don't even remember – does it affect Golden Dragons?
In general, I think the Castle and Necropolis are roughly comparable in strength, although there are some unclear nuances – the Blessing spell doesn't work on undead, but Prayer (in my Armageddon's Blade version) definitely does!!!! (??) Have you seen what the Necropolis can do with Expert Water Magic and Prayer???? – you wouldn't want to see it when playing against them!
One of the advantages of the Necropolis is their immunity to many spells that different creatures have by definition (blindness, etc.), but the Castle is the only faction that doesn't have creatures with natural magic (the cavalry bonus and angel resurrection don't count).
There's another point – if you play on a random map, the Castle has an advantage – they are on the surface, which means the random map will be richer and mines will be more accessible than underground. Just yesterday, I was playing with a friend – he was playing as the Necropolis, and he only reached the ore mine on the 3rd week! It was nearby, but behind a wall – it took 2 weeks to go around and clear it! This gave me a huge advantage!