I'd say so, but then again Morrowind has a lot of quirks that make it hard to get into for modern players. Like the fact that the game doesn't have quest markers. Instead, you get directions like "follow the road and turn left at the fork, it'll be the first cave you see" and you have to follow those directions if you want to find anything. Or how the game uses a dice roll-like system to decide if you hit with your weapon or succeed at casting a spell. At the same time, there is a lot to like about Morrowind if you give it a chance. Unlike a lot of modern RPGs, you don't start out as anyone special. You're a nobody and you stay as a nobody for a good chunk of the game. To advance in the various guilds you have to actually level up your various skills and do enough quests to earn a promotion. So when you do reach the rank of guild master or complete the main quest and people call you a hero it feels like you've really accomplished something.
So yeah. Definitely worth playing, but it's not for everybody and you have to remember that it's an RPG from the early 2000s. If you play it with OpenMW there's a great site called Modding OpenMW that catalogs mods that are compatible with OpenMW.