Your quote pretty much covers all that’s needed to know about the deadlift.
As for the safety of the lift:
The deadlift has gotten the reputation as a dangerous movement, only used by hairy weightlifters who don’t care about themselves. Nothing could be further from the truth. The barbell deadlift is safer than picking up a box of file paper, because the mass of the barbell can be placed directly over the body’s center of balance – the middle of the feet. This fact, and the ability of the lifter to keep the barbell centered over the mid-foot as it travels from the floor up to the lockout position standing erect, enables very heavy weights to be handled by a strong lifter. The current men’s record in the deadlift is in excess of 1,000 pounds, and the women’s record is over 600. The guy who pulled the 1000 pounds is just fine. This is because the correct deadlift keeps the back in extension as well as the bar over the middle of the feet.
For anyone interested in reading the entire article from which I got the above, it’s “One of the Most Underrated Strength Exercises You Can Do” by Mark Rippetoe.
In any case, it shouldn’t be the matter of can we isolate and work the same muscles that are utilized while performing a deadlift - we can. The matter of fact should be that the deadlift makes all those muscles, from your toes, your neck and everything in between work as a whole, as one mechanism designed to produce force synergistically greater than the sum of it’s parts. And this is why the deadlift makes the lifter grow faster and bigger than any other lift.
There’s a reason why you will never see a 6 feet 160 lb guy pulling 800lb off the floor. It’s the same reason why you’ll never see a really tall japanese guy with red hair - it’s not what nature intended.