Yes, it really is.
It is the only thing you can do at home to confirm that you ovulated. If you see a clearly biphasic chart, you can be reasonably sure some type of ovulation has occurred. The only other way to attempt to confirm ovulation would be ultrasound visualization or a serum progesterone (blood work).
Please see the previous post titled OPKs, BBT, CM/CP,Saliva Microscopes for additional information.
You can be doing all the other things-OPKs, fertility monitors, saliva microscope, saliva strips, standing on your head.......if you are not keeping a BBT, you will never know if your timing is correct (unless you are working with your MD/NP/MW and blood work/ultrasound). Some women ovulate 12 hours after a + OPK and some surge 48 hours after a +OPK.