Yes, in most cases. I bought my first ebay servo + drive for my metal lathe. My lathe originally had a 1960’s electronic drive with a speed range of 40-4000 rpm. The drive was burnt out, and the motor was a 200 lb behemoth. The servo also has the indexing feature which is useful on such machines.
Monarch 10EE lathes are similar, and owners wishing a VFD solution to the noisey motor-generator drives have to use a 10hp motor to have any useful low rpm torque.
More to the forum at hand, for woodworking I would find a VFD useful on any of my tools since, except for the shaper and drill press, all work in a fairly narrow range of speeds. My shapers get the belts changed with tooling changes, but most of my cutters require the same rpm anyway. I would not expect to have a useful speed range on a shaper without either a massive motor or the odd belt change. Or a servo.
As you have pointed out Chris a VFD would be very useful on a big impeller dust system.
I have installed VfDs on three milling machines, a lathe, bandsaws, gear head drill presses. If nothing else the soft start feature is very welcome. Three phase for the masses. What’s not to like?
Greg