Yes, very
Not as much damage as it used to be, but still great.
And it seems like some of the newer encounters were tooled with Gjallarhorn in mind, rather than it just being a boss melter.
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Worth buying rise of iron just for Gjallarhorn? I wouldn't say that. Personally, I feel like there is enough content in roi to justify the purchase. But if all I cared about was Gjallarhorn, i would say it's probably not enough.
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Did you play the taken King? If not, I would definitely recommend picking it back up. If so, they having added a whole lot to the game so maybe you could wait awhile. Of course, I love destiny, so I would say go ahead and pick it up. But there's probably not enough to bring you back in if you have quit after ttk.