I would say most definitely, and agree with some of the other posters who suggested some even shorter repeats like 50s as well. In fact, I would go so far as to say the most useful speed work might be 25s with 1:1 or higher rest:work ratios. You could do something like 12x25 on 1:30, and in only 18 minutes have a really stimulating experience, one that will force your body to make technical adaptations on the fly -- these will quite likely pay dividends when you go at sustainable paces. The way I look at swimming skill development is that you do two things: 1) develop basic competencies with drills, and 2) do things that cause your neuromuscular system to "integrate" those competencies into useful swimming propulsion. I also find that executing drills (that you can do properly) at a high speed offers a tremendous amount of "integrating" stimulus.
Because of the highly technique dependent nature of swimming, one has to often separate the "technical" from the "physiological" when evaluating the usefulness of a specific training activity. I think swimming far above an aerobically sustainable pace is one of these cases.
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and Not just a bunch of drills - A Process.