The short answer is yes, it is worth the time and money spent on it. However, algorithms change. Sometimes the changes are subtle other times, they are significant changes, which could mean that many businesses’ rankings take a hit. However, when good SEO strategies are used, the hit is minimal, and often businesses we rank will recover from it shortly.
In the long term ranking high means not having to spend money on PPC or not as much money. So, over time SEO works out to be a cheaper way to get lots of high-quality traffic, which would otherwise only be possible to pull in from pay-per-click advertising (PPC). It is also why it is worth spending extra on good SEO by a reputed company so that your website does not get penalized. Google is notorious for penalizing websites that use shady SEO tactics, which is why we never risk it even for short-term gains.