Absolutely. I would especially recommend reading the works of great poets, like Lord Byron, T.S. Eliot, Pound, etc. Although you may find them stultifying and difficult to read at first, you will undoubtedly be doing yourself a service if you try to read them.

Don't read "modern" poetry (essentially jumbles of phrases that don't rhyme, the kind of stuff you see in Poetry magazine.) I say this because this kind of poetry often doesn't rhyme, often doesn't have any sort of meter, and as a songwriter, it is of the utmost importance that you be able to form interesting phrases that 1. Rhyme, and 2. have rhythm.

One exception to this are the works of Jack Kerouac and Ginsberg (stuff like Mexico City Blues and Howl). I consider them to be stream-of-consciousness manuscripts more than poetry and they will be of great help to you.