Of course lobbing is good for your game.

• It wins points that would otherwise be lost.
• It allows you to practice off-table footwork, which can improve your footwork for counterlooping, fishing, or chopping.
• It helps you develop topspin touch and control, which can help your counterlooping and fishing.
• It gives you practice reacting to a hard-hit ball.
• It gives great difficulties for some players, especially shorter players.
• It’s great for exhibitions and demos.
• It’s fun!

Of course lobbing is bad for your game.

• It can lead to the bad habit of lobbing when you could make a more effective, less defensive shot.
• It can lead to the bad habit of backing up from the table too easily rather than controlling play closer in.

So . . . there seem to be more reasons for lobbing then against. In general, read the reasons NOT to lob first, and make absolutely sure not to fall for these bad habits. Then learn to lob for the reasons given for why it is good for you. And yes, it’s fun!