Not really. One weak point is that the races are basically locked in an unalterable and static struggle. If you support race X, who are at war with race Y, you need to deal with the fact that race X border sectors are subject to incursion by race Y invasion fleets, which will occasionally come in and raze the sector to the ground before a defense fleet arrive...including your stuff if you are their enemy. You can just avoid building much in those sectors, or provide adequate defenses, or maintain good enough relations with the enemy that they leave your stuff alone while razing everything that belongs to your hosts. The races in conflict don't do 'occupation' at all, so eventually the razed sector will be redeveloped by the owners, only to eventually be razed again.
Manipulation isn't available, but profiteering certainly is. Watching two enemy fleets pound each other to dust while you scoop up salvage since you are friends with both is a good pass time...though capital ships carry weapons that can inflict significant collateral damage so a degree of caution is required.
Oh, hey, I forgot. There's also two sociopathic alien races that are in a constant state of war with everyone, including you. If you build in some race's core space you are reasonably safe from them because the races defend their core sectors (mostly) adequately, but the pirates aren't really organized enough to defend their space against these guys so if you build there you have to deal with them yourself. Among long term players the development of automated fleet strategies for occupation of enemy sectors (where enemies will spontaneously and endlessly spawn) is a goal.
Cool. I can live without the manipulation part, it was just an added bonus I hoped would be possible, but I am definitely getting this game. It sounds like something that is right up my alley.