I’d say probably not. Unless the graphics were the only thing holding you back, this update does not appear to have done anything to improve the gameplay loop, menu system, or story content.

Compared to previous Bethesda games, it actually ran rather well at launch even when missing the features added by this update. But I’d say there’s quite a lot more that needs to be done to call it a good game, with graphics/performance being the lowest priority on the list.