It's a bit worse than 100 hammers because you also need the walls, which you wouldn't build otherwise (so 150 total). But if you have stone (which is not that uncommon, and it's cheaper to trade for than horses or iron for example) it's 75 production total for the benefits of 5 XP to siege, 1 trade route (always good and will help keep up with war costs), and marginal benefits to culture and espionage that won't amount to much most games, but it's there. I don't think is S (because in many Spain games you may not use it) but definitely A.
To put it another way, standard Castles (and Notre Dame) are not a bad investment if you have stone, they just come at a wrong point in the tech tree because if you tech Engi you're going to war and not buiding your empire. Citadel fixes that mismatch by giving a massive benefit to exactly the units you teched Engi for.