It is absolutely worth it, particularly if you already have the relevant assets (i.e. BNB, TUSD, FDUSD etc.) on Binance. If you do, then it's free money, and can amount to quite a bit. Although it's risky when the market is very volatile and upward trending, I did find it profitable to move some other assets into BNB just to participate in the launchpools / launchpads. I tried a range of other well-known launchpads over the last 4 years, but none of them achieved the return as with the Binance launchpools (mostly due to the lock-up period imposed on other launchpads vs. none on Binance)
Used to have TUSD, Binance's Launchpool was the only reason I was keeping them. I've switched to FDUSD now, because TUSD was often below the $1 peg, losing as much as $10 on a few thousands worth of stablecoins was a little annoying. USDT and FDUSD staking offer quite decent APYs at the moment, thus, there certainly is some risk involved, in terms of opportunity cost.
I don't really like the Binance launchpool because it is only for those that have large tokens to stake for them to have more bigger positions in the launch pool. The more tooken you stake the more liable and position one is going to get for a bigger spot.
For their users that have little amount to stake, they will not get upto a reasonable amount they can hold before the project is launched.
The only way to calm new tokens that is going to be launched and shared through the launched pool is to join the pool.
That's how the world goes around, your earnings are correlated on how much capital you have, just because you have a smaller capital doesn't mean you're prohibited from the Launchpool nor from the earning opportunities.