I selfishly love standardized testing because I have mostly done well on it. but SAT prep is ABSOLUTELY effective. I have my own personal anecdotal experience as well of that of my peers, but there are countless prep courses that boast impressive scores (unless they are lying through false advertising, but I believe it). The price of private tutoring and multiple rounds of simulated live exams is prohibitive and an absolute difference maker.
Effective for passing a test, maybe, but in my view 'passing tests' (that can be prepared for especially) is well down the list of 'important life skills.'
If a good SAT score is required to get you into a good college, and a good college is required to land a well-paying job, then passing the SAT with a high score is definitely an important life skill.