I believe it is. It can give you solid foundations to build on, broaden your horizons and help you to get friends or connections among people with similar interests. But you have to look at it as a first (or one of many) step in your path to life of fully responsible grown up person.
So college is not a goal, it is only one of the tools. You can make it without a tool and many will, but many can use it effectively and it is still worth to think about.