Yes, I don't think it's helpful for comparing apples and oranges, just for considering whether you want one thing at all, or which among a single class of thing.

An example I've often used before is a Netflix subscription - I wouldn't pay much more for it, but a lot of things look like a bad deal/much lower utility in comparison to it. Pint of beer = half a month's Netflix, for example. It's not helpful, it's a recipe for overpaying for some things and unnecessarily depriving yourself of others.