Yes, iron is the last element that can be made in an exothermic fusion reaction. All others are produced in supernovas. And, as I just read in The American Scientist, Type Ia supernovas, which I think are far the commonest, produce nothing more massive than iron. They do produce unstable nickel that decays into cobalt and then iron. So to get trans-ferric elements you need a super duper nova.
I am thinking “dwarf” is from the verb rather than the noun. It is used to describe objects which are comparatively very large to any frame of reference we can perceptually grasp, so they would still dwarf us. The itty bitty things like black holes and neutron stars never have “dwarf” attached to them.
[aside]and, properly, anything but the Naugrim of Middle-Earth; for instance, Snow White shacked up with seven dwarfs, not dwarves. Pterry is consistent in his use of the plural “dwarfs” for that species on Discworld, which differ greatly from those of Tolkien’s creation even though they share some common characteristics.[/aside]
[aside]If Tolkien had the right to establish the plural “dwarves” for his creations, then so does any other creator, and a number of them have chosen to follow in Tolkien’s footsteps in this regard. Pratchett may choose to use “dwarfs”, but the creators of D&D and Magic: the Gathering, for instance, have both chosen to use “dwarves”, even though the dwarves of those contexts are not the Khazad of Tolkien.[/aside]