The short answer: Yes. The trail itself was ordinary. The basalt-column canyon at the end was anything but.
The destination is the reason to hike
We would not sell Stuðlagil as a beautiful trail from start to finish. The walk is fairly plain. What makes it worthwhile is arriving at the canyon and suddenly seeing towering basalt columns wrapped around bright blue-green water.

Worth it? Yes. Go for the canyon, not because you expect every mile of the approach to be scenic.
Beyond the Overlook