I still think there's some value in it. Especially for the students who are capable of doing it proficiently, practice in solving models will help them think more clearly down the road. For example, it'll help them pinpoint which mechanisms lead to which outcomes, and then how multiple mechanisms balance out against one another.

That being said, I'm convinced that less than 10% of my students will ever get to that point. For the vast majority of them, learning some basic principles illustrated through stories will probably be more useful.