For pasting paper to paper (or other materials to paper or cloth) Yes! Paste is economical and does a good job. A plastic pot of this will last most of us for years. It’s water soluble so clean-up is easy, and if, over the years, it gets thicker than you want, it can be thinned with water. Spread with a finger or brush.
I’ve used it for mounting paper items for public display, and appreciate that it doesn’t wrinkle even on large items. Glue sticks are handy, but one pot of this has as much goo as 57 glue sticks at .28 oz, and saves all the plastic waste of the sticks.