Yes but you don't have to spend all your time feeding it. Other non-chaincast wands might be better, but what's the real downside of having one? I other words, what are you giving up in order to have one? Nothing but inv space. Just feed it drops and it won't cost millions.
Which goes all the way back to my statement saying ego wands are mostly to show people that you are a pure mage. And the OP ask for the usefulness of ego wands and all of the positives. I can think of almost No advantages and the ones it does have are so minimal that you could ego a dagger for the same purposes (blessings and stuff).
Mages who don't ego wands but who have the magic tab done in its current form, and main magic.
Zyrus 4.9k
Takashi 3k
Trigger 7k+
Saix 5k+
...and lots of others