After many years of making multitrack recordings at home I'm convinced it's a totally worthwhile activity that will help make you a better overall musician.
The complexity of juggling so many musical variables at once, while very challenging will certainly take you to the next next level of musicianship. The rigors of working out each part in detail, getting the performances as tight as possible, deciding how to best get the sounds you want via instruments, effects and amps will hone your attention span which will help generally, your musicianship. The best players put in the most time AND practice efficiently while constantly learning new material and pushing themselves.
Additional benefits to multitrack recording are that you'll become a better and more critical listener and your musical abilities will improve from the demands of mixing parts, editing the EQ, panning, harmonizing, experimenting with rhythm and more.
Finally, another benefit/side effect you may not have thought of which is fairly common is, after some time of making recordings of yourself, you may develop the desire to learn a new instrument or two to spice up your songs!
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