Yes, I cannot tell you why it's named what it is... though, the volcano is still active, it has not erupted majorly for some time. We believe the Great Fairy who lives atop it keeps it from harming anyone, though venturing towards the summit is still very dangerous without a shield for protection.

[ Link is quite fond of Hyrule, but, hey. At least Taiki's not really scared, right? ]

The Great Fairies are the strongest of the fairies, and act somewhat like their Queens, I think. They also are directly connected to the three Goddesses who made our world: Din, Nayru, and Farore. Each Great Fairy seems to be under a particular Goddess, as well.

... I find it strange this Tower isn't anything like Hyrule is. There is very little magic to it... or life.