Yes, but look at it in context- the song is actually based on a prayer of St Ignatius of Loyola:
“Receive, Lord, all my liberty, my memory, my understanding and my whole will. You have given me all that I have, all that I am, and I surrender all to your divine will, that you dispose of me. Give me only your love and your grace. With this I am rich enough, and I have no more to ask.”
As you can see we are not asking God for worldly treasures- His love and grace are enough, these alone can bring us hapiness.
I see nothing wrong with the expression. I am sure someone will come along and ask what grace is enough for? For instance; is grace enough to pay your rent?..
But in regards to how the artist is referring to Grace being enough, yes I think the statement is in accordance with the Church.
From the CCC:
1996 Our justification comes from the grace of God. Grace is favor, the **free and undeserved **help that God gives us to respond to his call to become children of God, adoptive sons, partakers of the divine nature and of eternal life.
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