No, they're not. Yes they control the thrust by altering the collective and even make it negative in very specialized helicopters, but only slightly. However you need to take into account blade bending. When sitting spooled down a helis blades will be sitting a good amount lower than they sit at idle RPM because of their weight, etc. This also means the blades have a certain amount of flexibility to them. Under idle RPM the blades will be roughly sitting level(90 degrees) due to centrifugal force and upon application of collective(thrust) they'll bend upwards quite a bit. If they attempted to perform inverted flight they would simply cut their own tail boom off. Also, they're a lot more fragile than you assume. Even severe application of cyclic would be enough to damage something in either the main rotor system or the hydraulic actuators that control the collective. This is some information from an apprentice AME, as much as that's worth.