maybe, depends on how you think about it.
imo the homebrand kits are good for brewing extract beer with, because, as i said, its cheaper than unhopped liquid malt.
on the flipside, they sometimes are a bit poor quality, so you can get a bit of an extract twang to them.
if you're not going to bother with hops or anything, then a better quality kit is definitely the way to go. no point being stingey with a couple of dollars to make a cheaper batch of poor quality beer.
normally for my extract beers i just use dried malt extract. 1kg is only $6.40 for me, so there is no point using a cheap kit, but i have been forced to before when i didnt have any access to dried malt at a decent price. turned out alright. used 2 cans of farmland draught iirc.