Yes.
Quick rule of thumb - . .PPL: £5k ish. .IMC: £2k ish
ATPL: £50k plus
You’ve still got an awful lot of money to spend / risk after getting your PPL/IMC. These tests are aimed specifically at measuring your suitability for airline training (i.e. your levels of coordination / observation / analysis / memory, etc).
Whether you think they’re worthwhile is irrelevant. The airlines take them seriously, so at some stage you are likely to sit them or something pretty similar. IMHO, its sensible to get an objective measure of your ability before you commit serious money - and at £150 for the day, you’d be daft not to.
No one would leave their class 1 medical until the end of their ATPL - would they?