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There isn't a yes or no answer to this question.
Instagram stories are great for engaging with your audience but the truth is that Instagram stories may not bring in new followers or provide more reach. They are great for engaging your audience but it's important to understand their limitations, as the lack of reaching more poeple and inability to publish on other platforms with them.
All social media platforms majorly work on hashtags but in Instagram stories, you can use limited number of hashtags.
You can create creative and engaging content for IG stories if you already have a good audience base but in case if you don't have a great audience base already, you should concentrate more on creating good content for reels and posts.

Hope this helps! :)

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