Yes. 3^^^4 < 4^^^4, and the denominator has the correct number and type of operations to be 3^^^4, since 3^^^4 = 3^^3^^3^^3 - however it's actually smaller. Up arrow notation evaluates from right to left, which results in the largest possible number. The parentheses just muck things up and make the result smaller - so the answer is much much greater than 1.
Hm, let's find out. (Open this if you want to have a go at finding that answer first)
3^^X is an exponential tower of 3s that is X high. 3^^^4 = 3^^3^^3^^3 (i.e. it's 3 ^^ itself, with four 3s, just like 3^^4 is 3 ^ itself with four 3s). So 3^^^4 is an exponential tower of 3s that is 3^^3^^3 high. 3^^3^^3 is 3 ^^ itself 3 times, so it's 3^^^3.
So 3^^^4 is an exponential tower of 3s 3^^^3 levels tall.
This is a rough guess, but since 3^^3 is a number I could type out in this comment box, and the ^^ operator is in general way less powerful than the ^^^ operator, I'd say yes.
Is (4^^^4)/(3^^((3^^3)^^3)) larger than one?
I need to know for a game of Nomic