Is the adjective "decadent" suitable to be used in the context "a decadent cheesecake"?
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Yes, it's suitable and common. It's lost most of its punch through over-use, but it won't look odd at all.
In advertising slang, this usage is common, and it means—well, that is the problem with advertising. It doesn't mean anything specific; it just wants to evoke images of a decadent lifestyle, with lots of delicious food.
This does not belong in any serious text, though, where the word decadent is mostly limited to describing (groups of) people or habits straying from the right path, whatever that may be.