It can be. You get out of it what you put in. If your input for the distance to center of the shelf plate is accurate, if the draw weight you plug in is really true, if your draw length is what you say it is,it will probably be very close. For me it comes way closer than I expected it to.
You will also hear from guys that say it's a total waste of time.
If you put in accurate information, it will certainly give you a good starting point, but as Pres Reagan said, "Trust, but verify". If the calculator tells you you need a 29.5" GT3555, for a certain point weight, start with a full length shaft and cut it back as necessary for proper flight. If you wind up at 29.5" that's great. If you find 28" is a better length you can use the "personal factor to correct the calculated length. Then you can substitute other shafts, point weights etc and know you will not be far off.
I find it a very effective tool. I also have a very good trad shop near the house. The owner can also come very close in recommending an arrow set up, but we still go to the range and experiment until we have it right for sure.