Yes, I do think it is worth the time.   We have had some very expensive titles that have had only one or two downloads in a year.   It would be much more cost-effective to cancel and either go to a pay-per-view model or perhaps rely on interlibrary loan.  So far there have been no complaints about cancellations and given that we do not have unlimited resources, we can find better ways to spend the money.   I also find that faculty respond well  when you can document reasons for cancellations and purchases.