yes. The main problem ATM is that Modernization takes 4 turns, and will cost at least 4 EP. A person with Sporadic progression and with techs within the fast progression range can spend the same 4 EP for a 4.8 year boost to all of their techs, thanks to multipliers.
not using the Modernization Quest means you can increase your techs at rate comparable with the one Modernization gives; a person at tech-level 1900 tech-level average will get to 1915 in about 3-4 years. Of course, this is more costly, as you need to spend 4 EP a turn if you want to boost all of your techs. The problem though is that the nature of a Modernization Quest makes it
unreliable, since it might give you nasty maluses. Thus, Modernization Quests become less of a 'you do this if you want to modernize' option and more of a 'if you want to do Modernization cheap, with the risks that entails' option.
There are nations for which Modernization Quests are much better option, but for a nation to benefit more from Modernization Questing than just boosting their tech necessitates said nations having techs within the 1890s range. Such nations are vanishingly rare. And there's still the possible maluses to consider.
..... Though, considering the fact that there are nations in Africa with tech levels in the 1860s or so, these modernization rules will likely help them out a lot. However, the Modernization rules will really quickly become something that no-one wants to use, simply because once you've modernized, you don't go back. And I don't think new nations with low tech levels will keep popping up for it to be useful.