Is It Worth Bothering with SEO in a Saturated Market?

I've been wondering about SEO lately.

On one hand, ranking highly in search results can drive significant traffic. But on the other hand, the market feels increasingly saturated. The sheer volume of content needed to make a dent seems overwhelming, and producing high-quality articles regularly is quite a challenge, even if you use AI.

Given the time and resources SEO demands, is it still a worthwhile strategy, especially for smaller businesses or content creators? Or has the competition become so intense that only those with substantial budgets can realistically see a return?

I was wondering if anyone has taken a different tack. I'd appreciate hearing what’s working for others, particularly if you’re operating on a smaller scale.