I think so.
Of course its great at deconstructing grand narratives communism/fascism/religion/ideology in general etc, and we all know how much damage these sorts of narratives have done. So thats a real plus.
When you look at the left as it is at present (albeit meaninglessly small) you see many left advocates are carrying on with different versions of these over-arching narratives, so lessons really don't get learnt, and again PM is really useful.
On the other hand how does PM deal with the most pressing issue of practical importance today, where we clearly need a coherent narrative - namely the environment - well it finds itself way out of its depths I think.