Yes.
When I do not use mipmapping, my game would run with less then 5 FPS. Because all my detailed textures will be rendered each frame. When using a texture size of 4096x4096 pixel (eg. a flat sqare model with a texture), the engine must draw 16777216 Pixels each frame for only ONE model.

So I use mipmaps to reduce the texture size of models that are far away. It's the same like LOD, but for textures.

For example: when you use a texture size of 4096x4096 pixel, then I use 8 Mipmaps for them.
The original texture has 4096x4096 pixels,
the 1st mipmap only 2048x2048 pixels,
the 2nd mipmap only 1024x1024 pixels,
the 3rd mipmap only 512x512 pixels,
...
mipmap number 8 will have a texture size of only 16x16 pixels. And this is rendered much faster than the original texture size of 4096x4096.