Yes, that is how bassets have fun. And it starts as soon as they wake up.
Every morning begins with a wrestling session, one before breakfast, and one after. There are frequent matches during the day, interspersed with races and games of tug-of-war. It looks wild, to see the big basset teeth, but bassets are built with a lot (a lot!) of extra skin, so when Odin has Loki by the throat, he really doesn’t. It’s so funny to see Odin actually roll onto his back, to let Loki attack from above, and Loki has discovered that a really great place to sink his teeth into is the base of Odin’s fat tail, as he races up at him from behind.
Then, of course, are the marathon naps that follow play time. I think Loki really likes it here; I caught him wagging his tail in his sleep.