Yes, but it all hinges on how much you paid for the flight.
Let us state it outright. It almost certainly does not work for economy flights because repositioning flights and overnight costs will easily outweigh the savings, unless of course, you purposely want to explore a new city or country.
For premium travel, in business and first class cabin, it makes a lot of sense.
Take this real example (in 2017), to illustrate:
We paid €640.47 each for business class for a trip to Japan from Europe. It was not a mistake fare, but a flash sale hidden in an advertised main January sale.
Our actual flights on Qatar Airways
Amsterdam to Doha 20OCT, departure 1625, arrival 2340, Boeing 777-300ER
Doha to Tokyo 21OCT, departure 0645, arrival 2230, Airbus 350-900
Tokyo to Doha 28OCT, departure 0001, arrival 0550, Airbus 350-900
Doha to Amsterdam 28OCT, departure 0745, arrival 1340, Boeing 777-300ER
A typical Economy Saver fare for the above would be €880, and the Business Value fare would be €3536. To snag it at €647 was truly a dream!
Our base was in London. We used our British Airways Avios points to reposition ourselves from London to Amsterdam and return. This costed us 9,000 points plus approximately €37 in taxes and fee each. The total cash amount was a meager €684 each! We did not have to stay overnight in Amsterdam both ways due to the friendly departure and arrival times of Qatar Airways (we allowed 4-5 hours layover).
Apart from the really good fare, what else that made it so worthwhile? Qatar Airways!
The hard and soft product of Qatar Airways are truly amazing. They are head and shoulders above any other airlines. You fly in the latest aircrafts with absolutely great lie-flat beds, with equally attentive inflight services. Qatar Airways was voted the World’s Best Airline in 2017 (Skytrax). The business class lounge (Al Mourjan) in Doha Airport is simply outstanding too.
But above all, it was the fact that we did not have to spend a total of 35 bum hours in a tight, crammed seat of the economy cabin. No snobbery intended.
And if you are in the pursuit of an elite status with a frequent flyer program, these four flight segments will contribute a total of 560 tier points (140 x 4) with British Airways Executive Club. Another 40 tier points elsewhere will get you BA Silver, equivalent to One World Sapphire. (You have to fly four qualifying segments of BA operated or BA coded flights in order to get Silver). BA Silver (One World Sapphire) is worth pursuing because it gives you access to airport lounges, priority check-in, priority boarding, seat selection at time of booking and fast track immigration (where available).