That depends on the definition of value. If that definition is did you have any event in the past where you came out better because of your LinkedIn; I am inclined to say no, or maybe the classic answer I got a job and they probably checked my profile.
However, I recently had to turn off the "interested in career opportunities" because the huge amount of recruiters offering jobs. I imagine if I come to be without work, or want to switch jobs, all it takes is turn that option back on. Within a week I will probably have a job.
In addition, I have people in my network who I do not speak to frequently (other companies, previous shared European projects, etc). I would probably forget their name, or not be able to attach a name without seeing the face for some of them. I can use LinkedIn as a quick reminder on who I need to contact as it shows a face, their line of work, and experience usually.
So, back to your question on value. Not directly, but I have means to get in contact with persons who otherwise who be one step further away. It might help.
Alternative answer: you can turn this around and say it only helps because everybody thinks it helps. Therefor is on LinkedIn and thus checks it and can be connected. So I could also answer with no, but what would replace it then?