Yes, with a caveat: you're paying for the colour, not necessarily the coverage.
Farrow & Ball's reputation rests on pigmentation. Their colours have a depth and complexity — that famous habit of shifting through the day as the light changes — that the supermarket brands simply don't replicate. With 301 F&B colours in our library and an LRV range from 5 right up to 92, there's enormous breadth, and their greens (67 of them) and blues (41) are particularly strong. That's where the money goes.
Where F&B gets a kicking is durability and coverage. The old oil-based Estate Eggshell was cracking; the modern water-based formulations are perfectly decent but not class-leading. You'll often need a proper coat of their own undercoat plus two topcoats to get even, full colour — budget for that. The matt Estate Emulsion also isn't the most scrubbable, so it's better suited to grown-up rooms than a hallway full of muddy kids.
A few colours that earn their keep: Ammonite is one of the great soft greys-with-warmth and behaves beautifully in north and south light alike. All White is the cleanest, most honest white they do — no underlying yellow or grey pulling it about. And Acid Drop shows exactly why people pay up: a zingy, confident green you won't find done this well elsewhere.
The honest "but what about...": if you love an F&B colour but can't stomach the price across a whole house, several brands sit close on tone and beat them on washability — Little Greene and Mylands are the obvious step-across, both with serious pigment quality. Plenty of decorators colour-match F&B shades into a tougher trade emulsion too.
My practical advice: spend the F&B money where the colour does the heavy lifting — a feature drawing room, a moody dining room, joinery. Sample first (their sample pots are worth every penny), paint it large on the wall, and live with it for a few days before committing. Use it for what it's brilliant at, and you won't feel robbed.