If you invest it (e.g. in long lasting infrastructure) it’s generally worth it. If you borrow to meet current obligations it’s generally not. (“Generally” is the kicker).

There are other good reasons to borrow from a macroeconomic perspective (e.g. a liquidity crisis). In such a case you hope the side effects are less than the primary effects. This case is like the doctors’ Hippocrateic Oath: yes, first do no harm, but sometimes you have to cut a hole in the patient to heal them.