Of course it is. Other disciplines are good too, though
Churning out IITians is an art these days (that's why these coaching institutes exist). Cracking the JEE or GATE does not mean you know your concepts. I have seen ranks below 1000 who are very good at the sum solving, yet remain clueless on what the stuff they are doing signifies in a physical context. The bigger question is - are you in it because you want the tag of the IITs, or because you actually want to learn something?
While I think I can accept your viewpoint; you have to consider the costs involved in such a thing. I saved my parents a LOT of money by not going to any of those classes. Sooner or later that did help the family. OTOH I won't say I was a topper in school - academically speaking, I was quite average. You really don't learn anything "new" in the classes as compared to your 12th regular syllabus - they just elaborate more on things that are needed to solve the papers.
Also, you will find self study to be a valuable asset during your degree. Subjects are vast and no one person has all the information. A truly smart kid does not need a guide to tell him where to study, but only to clear his doubts when he has a problem.
I too enjoyed interactions with my professors in college - not so much in school, but it was because I did the self study and hence had many questions to ask and make sense out of. This also allowed me to (for example) look at different ways to approach the problem and construct alternative hypothesis (whenever it is possible). These are all very important things in science and engineering which most of the Indian system right up to M.Tech seems to miss. A good engineer doesn't read "let's build robots 101" and start making robots - he builds it block by block and component by component. A little trial, a little error makes Jack a good engineer.
(case in point: A robotic positioning system is as much a rigid body dynamic system or several bodies joined together as it is a representation of D-H matrix parameters. Engineering will teach you the latter, while you can do the former if it appeals to you - but no engineer in India will teach you the former method
).