Yes, you can lift from this point without any damage to the ball joint. The ball joint itself is pressing into itself. It is very strong in this direction. It's strong in the other direction as well, but stronger this way. I've used this area to jack many different vehicles up if no other spot is available.
If you have a lifting pad (polyurethane type) to sit between the metal of the jack and the bottom of the arm, this would be a great solution. No chance of banging anything or causing any tweaks to anything, including scratching any of the finish off of the arm which might cause a rust ingress point.
I'm glad you are suggesting using jack stands, as their use is how its done. Use the jack for jacking up the vehicle. Use the jack stands to support it. Something I always do with jack stands is put a piece of sacrificial wood between the stand and the bottom of the vehicle ... like a piece of 2x4. This will ensure the jack stand doesn't dig into the frame or lifting point (where ever you're going to place it). The piece of wood will support the vehicle over a much broader area than would the jack stand alone, so there is a lot less chance of damage (even small damage) occuring from their use.