Soft deletion is certainly very situationally worth it. I've found the most value when 1. it is well supported at the ORM layer and 2. business requirements dictate strong auditability of data. While I have undeleted items on occasion, I've used soft deletes more frequently to debug and build a timeline of events around the data.
For context, I've worked in fintech where I often needed to review backoffice approvals, transactions, offers, etc.