No doubt about it. With streaming revenue a mere pittance of royalties and physical album sales pretty much over, you need another revenue stream. Touring is expensive and playing locally is limited.
But there is money to be had by marketing your music to film, TV, theater, podcasts, video gaming, live events, established artists and more. Leasing your music has the added benefit of expanding your fan base and connecting you to a wider world that includes producers, record company executives, music directors, composers, arrangers and more.
This is a long and sometimes frustrating process, but worth every hour that you put into it.