If you have plenty of free time then I would argue yes, if nothing else because it gives quite a bit of context for various things that make up a typical Linux

If you have plenty of free time then I would argue yes, if nothing else because it gives quite a bit of context for various things that make up a typical Linux installation. The big problem with LFS is that it's a laborious process and it's extremely easy to lose interest part way through as a result. If you have less free time (or a not-so-great attention span) then I think that something like Buildroot is ultimately much more valuable. You get the flexibility to choose exactly what makes up your new installation and you are introduced to the sophisticated level of configurability that a system can have, but importantly, you don't have to be the one to compile every single bit of it.