No it's not.
There are a lot of stories that aren't worthy of flagging, but they're just low-quality.
And I've seen people abuse flagging because they treat it like downvoting. Flagging removes a story from the front page entirely, whereas ideally downvoting would simply deprioritize it, i.e. a bunch of downvotes would move it from #5 rank to #60 or something, not get rid of it entirely.
I've definitely had to e-mail the mods a number of times to restore a flagged story that was entirely appropriate, but which a few users simply didn't like. It would be much better to have a downvote button, and reserve flagging for actual spam and inappropriate content.
i have seen a lot of speculation about my "false" comment on this story. i think the story is bullshit and AI 100% it raises the ceiling and doesn't help incompetent people that much. you see it over and over where incompetent people use AI and submit legal docs with hallucinations or have egregious security holes in their vibe coded projects. but i have seen highly skilled folks get month long projects done in a day with higher quality, more tests and more features than they would in the past. explaining all that didn't seem necessary since the whole thing is just not true.