Along_the_Wire nope, it’s little more than a distraction for most clubs and fans.
It seems to mostly be much older football fans who attach importance to it, out of nostalgia for when it actually meant something before the Champion’s League became such a big deal and when the rewards for getting promoted to and staying in the Premier League grew drastically. The BBC’s attempts to big it up whenever they host games is embarrassing.
The League Cup needs to be binned off completely as well, or perhaps just turned in to an exclusively u23s/reserves competition (which it already mostly is, while having to masquerade as being something more).