No it is not. Europa League most of the time doesn't give clubs big enough TV money, nor prize money, to justify teams to go all the way. UEFA had to up the ante with CL qualification for the winner.
This competition is even worse regarding the attraction (TV money), and prize: winner qualified for Europa League the following season. Think about it. If Levy had plan after sacking Mourinho, we could have at least gotten Europa League. CL qualification was within reach if we look at how Dippers just snatched third place, despite they were where we were for almost the season. Chavski and Leicester were there for the taking.
This is even worse than League Cup, and FA Cup given that there is absence of top clubs. Winning something in our situation would be nice, but this competition makes it feel as if this is losers' competition. Teams from top leagues who won the cups also qualified for better competition.