i would say yes!
for the actual applying to university, it can get you a reduced offer at quite a lot of places (though do check specifics). this will usually depend on what grade you get in the epq - russell groups seem to ask for an A or above to be considered for a grade reduction, whereas some other places only require a C.
depending on what school year you're in, you'll really have to consider if the undertaking of another subject is worth it. i would also see how many of your current subjects have coursework and when they do that too. trying to balance 3 lots of coursework, ucas applications, revision of year 12 content, preparation for year 13 class tests AND an extended project qualification is a lot to try and do. i completed mine in year twelve and am so glad i did (and i would heavily recommend doing so)!
lastly, the skills you get from completing an epq can be very useful. i knew that, by the time i'd be applying or going to university, i'd have completed a university-level (ish) piece of work which made me much more confident in my application. plus! you're taught different research methods, different locations to find secondary resources, the structuring of an extended essay, time management, analysis, and presentation skills - all of which, i would imagine are relevant to the skills required to do well at university on most, if not all, courses.
all in all, it's really up to you. if you're working at something like ABB and want to get into places offering AAA, it can be a really good tool for getting those reduced grades, especially if you don't fit contextuals. just consider what your workload for the next year is going to be like, and make sure you pick a topic you're enthusiastic about enough to stick with it for a whole school year.