The "it is" seems out of place to me. I'd rather have it written as "There are many hungers that/which are better to deny than to feed".
The sentence is not incorrect, it is just awkward.
Whenever I see there and it used in a sentence, I know I can come up with something better. Many words in English can both enhance and refine a sentence.
For example, by using instead of and satisfy in the sentence, we can rearrange it to read:
It is better to deny many hungers instead of satisfying them.
This version of the sentence is less awkward. Alternatively:
Many hungers are best denied rather than satisfied.
This version of the sentence is more concise and stays true to the original meaning.
There and it are frequently used in spoken English, but written English requires more specific words.