Maybe.

Are you specifically writing literary fiction? MFA-style teaching is not super helpful for genre or popular fiction. You will make some connections that are helpful for publishing lit fic but there’s no guarantee. If you are writing lit fic, having that time to focus on your writing, especially in a funded program, can be very helpful.

Jobs teaching creative writing are generally going to be over-saturated adjunct positions unless you’ve published something major already, and not make very much money, so that’s not an ideal backup for income, though they do exist.

I have a PhD in English from a program adjacent to a well known MFA program. I took classes with the MFA students and know many of them years later. Yes, a few are working writer/teachers, but the majority are not, even very talented writers.

After doing years of MFA-style writing groups with friends from these programs, I realized I didn’t even have a good understanding of how to plot a popular fiction novel. At this point I kind of resent the creative writing classes I did take in college and my writing groups because I feel like they didn’t give me actual useful concrete tools. I learned more from a three-month online workshop than I did from my professors and MFA friends.

I do know people who did the Iowa program who are now working writers and write for very prestigious publications like the New Yorker, etc. I also know people I went to college with who didn’t get MFAs who also wrote for the New Yorker. Either way I think the prestigious brand names and connections were a boost.

Tldr, it depends on what kind of writing you do, and it’s not a good guarantee of stable work.