No and you can try to find mods to re-balance that. I don't know what's available now for TS4, but I loved the mod to stop skills, I wished it were available for toddler. Some people, for example, could always stay terrible cooks. Awesome. :) I don't think TS4 has anything like what Relativity does for skills slowing to lifespan though. :/ MC Command Center????? Honestly that should be built into the game with the vanilla lifespan options, it only makes sense.
I find short life sad and annoyingly unrealistic. It's not for me at all! (ETA: by short life I actually mean EVERY vanilla lifespan option, tehe.)
The Sims doesn't really have cheating, it's a different game/toy.