Probably. [S]Because nukes are more fun.[/S] Controlling oil and gas wells is incomparably easier than controlling pressures caused by tectonic plate activity, man. If you weaken the layers of rock above a hotspot by drilling through it or fracking it, it would probably just explode. Not to mention that drilling through magma is essentially impossible, as drilling fluid tends to explode on contact with the molten rock. Extracting magma is also virtually impossible, as it would likely solidify on its way up and clog the well.
In the end, controlling something like this is impossible. The only way to deal with it, as I see it, is to trigger an explosion when (hopefully) it hasn't built up maximum pressure yet and everyone is ready for and expecting the damage. But then the question is if it would perhaps be better to wait for it to explode on its own and give our technology more time to evolve. I mean, it probably won't explode in the coming thousands of years, anyway. Let someone else deal with it. :P
I think the biggest problem to be deal with is the ash. Eliminate the ash problem and the chances of humanities survival increases 10 fold. finding the technology to get rid of all the ash in the atmosphere will be a difficult one indeed but if it can be solved, sunlight will be able to reach earth and global temperatures will hopefully not plummet.