Yes. 2 Timothy 3:16,17 ALL scripture is inspired of God and beneficial for teaching, for reproving, for setting things straight, for disciplining in righteousness, so the man of God may be fully competent, completely equipped for every good work.
Even Jesus when on earth quoted from the Hebrew scripture, usually by saying: it is written.
He even quoted the Old Testament when being tempted by Satan.
The whole Bible is beneficial, it always have been, and will continue to be. It must be read in context, studied properly, Humbly meditated on, and then applied to our every day lives.
The old testament teaches us many valuable lessons about ourselves and the nature and attributes of God. These are just as relevant today as they everywhere.