Yes and No - let me explain
No, use the right tool for the job at hand. NodeJS is certainly better at quickly getting stuff out and just about anyone can write JavaScript, so your development cost will be lower in the short term. To be a Java developer, you need many years of experience, experience which is getting more and more difficult to get unless you spend a lot of time on your own studying Java and getting the certifications - I don't know any companies hiring junior Java developers, so on the job experience is almost becoming non existent.
For long-term maintainability, portability, Java / .NET is certainly a better option.
Will NodeJS code you've just written or libraries you've just imported still run in 5 years time if you update your Node version in 5 years? Probably not. Java? It's been doing that forever keeping older versions forward compatible for 15 years+;
Do you care about whether your code will still run in 5 years time when you just have enough money left for 6 months to get a product out? Probably not. If you are a large enterprise company who've just spent 20 million dollars getting a piece of software developed, do you care if the software still runs in 5 years and can still be worked on in 5 years? I bet you they do.
It's also easier writing bad code in JavaScript than it is to write bad code in Java. The compiler in Java almost babysits you through the process making sure that you don't do stupid things. If I write a line of code like this while(1 == 1){ dosomething(); }, the compiler will tell me that the code below the while statement is unreachable and that the while will never terminate. If I write Integer a = null;, then do System.out.println(a.toString());, the compiler will warn me that a is null and will throw a null pointer exception. If I'm using anonymous functions in Java8, the IDE will tell me I can write the code better using Lambda expressions.
Yes, there's a lot of marketing hype around NodeJS, but that's not NodeJS' fault. That's more the media that's to blame. I've seen this kind of hype for just about every new language that becomes usable, from Microsoft C++ to Borland C++ to Borland Delphi to C#.NET to Java when it initially went big to CSS when it first came to the browser (articles like To CSS or Not To CSS is the Question were common and everywhere) to Dart (massive media campaigns claiming Dart will replace JavaScript) to Ruby and even Python when it replaced perl as the goto language ... you name it, the media needs something to write about, so they'll usually hype whatever new language / technology is available so they can stay relevant.
Is it overrated? No, as I said, use the right tool for the job. Does the media make a lot of noise about it, Yes, they do.