Unless it was for something simple (which is unlikely if it is expensive), no. Older dogs are less likely to have a good recovery after surgery. It also probably wouldn't improve their quality of life very much, and could very possibly decrease it.
I would prefer to allow my dog to enjoy the time he/she has left or, baring that, put him/her down if he/she is suffering too much.
All living things have their time and something we have to accept as dog owners is that, no matter how wonderful they are or how much we love them, dogs don't live as long as we do. Sometimes the kindest thing you can do is to let them go, or let nature take its course.