It is indeed, other useful features are storm control and loop prevention. There are a few things to keep in mind when going from unmanaged to managed switches.
They come set up from the factory with the same IP address. An unmanaged switch is as simple as connect power, plug in cables and be done. But you never want the same IP address twice on the same network. So before installation (!), each managed switch needs to be set up with its' own unique IP address and the settings you need, especially if you have a network with more than one switch. Do not use DHCP for setting the switch IP addresses.
Label each switch with it's IP address. Document the network layout, IP addresses, configuration details and username/password for the configuration interface of each switch. When you log in remotely three years later and find a fault in the cable on port 9 of the 5th switch, where is this cable going to? Therefore you should also document which device connects to which port on the switch. Without that information the cable diagnostics feature is not nearly as useful.