No, it shouldn't tell us everything, but if someone makes a very data-oriented claim ("millenials will be the first generation poorer than their parents") and you return with data that shows the opposite, you can make a claim that the data is poorly gathered, etc.

But pivoting to the "but it's not my lived experience, bro" is weak.

If you made the claim that "millenials have it harder than their parent" then we're talking something where experience can be more useful.