Generally no if we consider it from a financial perspective.

I work in engineering with a masters, and I make more than people with only a bachelors. However, even with the masters pay bump I am unlikely to ever make enough extra money to make up for the financial losses I incurred in getting the degree. It’s only “worth it” financially if you work full time and have your company pay for the degree.

PHDs make about the same amount of money and get about the same positions as someone with an only Masters. You get a PHD because you love studying and research enough to basically give up half of a decade of your life.