Perhaps surprisingly, I think it is.
X on Wayland: Necessary if Wayland is to become the main server at some point, since there will be a huge amount of X apps around for a long time.
Wayland on X: Useful if you're using (or writing) a Wayland app but otherwise have a normal X desktop. Also nice if you're using something with better driver support for X than Wayland, I guess.
In the long term, it means that you can go X → X with Wayland apps → Wayland with X apps → Wayland , for a very gentle transition.