Yes and no.
First IMO it is one of the best tournaments in the country and certainly the best 16YO tournament there is. You will see the best players and teams in this age group from around the country and it will give you a good idea on where you stand relative to others. You have a chance to make the national team if you are in this caliber of player. There are lots of colleges there, but they tend to drift toward the premier teams, so if you come with a high quality team it is worth it. If you come with a young team, (many send their 15YO teams for exposure) then if this is your only reason maybe not. Many colleges start their recruiting at this event, so personally I think it is a good idea, but it really depends on your budget. If you do go make sure you send a note to the colleges that you have interest that you will be there and what team you will be with. Once the schedule comes out you can send them your specific game(s).
When my son went we did not go with an “academy” team and we ended up beating many of them and ended up getting 4th place so it was definitely worth it for him. Separate from the recruiting aspect, it still remains one of his favorite baseball weeks he has had and we all had a great time.