On being 'realistic':
I find dragons to be in an entirely different category of 'realism' than a market model. Dragons are already flagged by the game as being unnatural ('fanciful'). They are magic. They don't have to square with biology.
Despite that, dragons still need to obey some simple biological principles. Consider mega-beasts. The last ~5 worlds I looked at featured a marked difference in the survival rate of dragons and bronze colossi, with every single bronze colossus dead before world gen ended, and most of the dragons still alive. Despite being magical creatures, they still follow an approximation of natural selection. There are differences between the creatures and those differences lead to differential survival. Ie, Dragons are more fit (for the DF world gen environment) then Bronze Colossi. So despite being 'unnatural' creatures that don't make sense in terms of organismal biology, they still follow basic population-level principles.
Similarly, a S/D system merely requires that resources are limited, and the distribution of resources does not fulfill the desire for those resources. As those premises are certainly true (you do request things from your trade liaison don't you?), a S/D market system should follow. (In the cases where you don't trade at all, well, then the global economy doesn't really matter to you, does it?)
On fun:
Admittedly this is my own opinion, because I don't know what other people find fun, but here's why i think a better economy would be fun.
(1) Expands the range of metal ores you care about finding. At present, finding Nickel merely provokes an eyeroll from me, and sphalerite is something I rarely even bother to mine. And if i find a single magnetite deposit I suddenly stop caring about silver, copper, and tin - because the iron is worth as much or more and the sheer quantity of it found in a magnetite deposit is overwhelming. And where there's one there's usually more. The price of iron should be lower than it currently is, but regardless, a S/D economy would fix that and make more subterranean finds interesting. (= fun).
(2) Makes me think about what I'm producing more often. At present, a single workshop or two set to repeat a single product type is enough to do all the trading I will ever need. (And that workshop could well be the *kitchen*). This leads to boring games that all play very similarly. When the world economy varies, and you have an impact on that economy, suddenly there's a whole new economic game about figuring out which goods in which quantities maximize your trade potential, which makes every game play differently. (= fun)
(3) In a more realized system, it would be fun to compete with rival production towns, underselling them, driving them out of business, and reaping monopoly advantages. Of course, you could always be a victim of it too, but see 'doesn't detract from fun' letter A.
(4) The knowledge that your actions have effects beyond your fortress is its own kind of fun. This is the same reasoning that leads to the army arc. War is diplomacy through other means - a statement that may as well apply to trade.
(5) Sid Meier defined a game as a 'series of interesting decisions'. The problem is that the decisions in DF more or less come to an end at some point. Adding a responsive economy creates a lot of (at least potentially) interesting decisions about what to make and how to respond to changing prices.
And it doesn't detract from fun either:
(A) Losing is currently too hard. Sure, when you're just starting out you can do something stupid and flood your fortress or die to goblins. But eventually you become savvy to the nature of the game and those stop being challenges. It should be possible to screw up the economic aspect as well - its just another challenge you have to overcome. No one (anyone pays attention to) listens to complaints that goblins are too hard to deal with. You just have to deal with them. And besides, losing is fun, right?
(B) A S/D economy doesn't interfere with things like megaprojects. I mean, you can make a self-sufficient fortress no problem, and nothing in the OP argues for changing that. So making trade more interesting doesn't detract from your ability to do crazy things in the slightest.
Ok, that was longer than I thought it was going to be, but hopefully that'll clarify where I'm coming from.