Nah. The setting is more "derivative" (mythologically, anyway) than deep and complex. And since there've been a legion of imitators since then, some of which have done a better job than Tolkien at worldbuilding, it might even be trite to the modern uninitiated.
I'd actually disagree (about the better worldbuilding), at least as far as worldbuilding for the sake of creating a setting for a story is concerned.
Certainly, there have been efforts at far better geography, far more intricate politics, societies, etc. Each of them admirable in their own ways.
And all of them largely useless for the actual reason most of these settings are built: storytelling. You don't build the setting for a stories with maps; nor do you build it with history books, or biology books, or anthropology books. These are a best necessary support, at usual irrelevant fluff, and at worse, when they attempt to explain what shouldn't be explained, outright harmful. (Dragons fly and breathe fire because that is what dragons are, not because they have a zeppelin-like gas bladder that keep them afloat and can be turned into fire breathe. Or, to put it another way: the force is an energey field, and keep your medichlorians in hell)
The building blocks of a story (and of the story's settings) are other stories, which in turn lead to other stories, to other stories, all inter-connected. It's how all the great mythologies come to form, with characters eventually jumping from one legend to another and appearing into multiple tales. And it's how Tolkien's worldbuilding largely went - the story he wrote led to and hinted at further stories, and what we got to see of those hinted at more stories.
Tolkien (contrary to popular belief) made up the map as he went along, crafted the societies and cultures encountered along the way to meet the needs of his stories, and wrote down the history only afterward based on all the random ideas he had had while writing the book. But he made sure, almost whenever he introduced or mentioned something new to the story, to come back to it at some point and ask himself, "What IS this? What's it's story?", and he had a wealth of other stories ready to act as the backdrop for his novel (and even when he didn't, he could just borrow from his favorite mythologies and adapt to the setting).
Quite honestly, I think one of the biggest problem with Fantasy is the number of authors who tried to ape the appearance of Tolkien's work (maps, chronologies, etc) and the apparent content (elves, dwarves) thinking that was the core of Tolkien's works, compared with the few who actually managed to catch on (or duplicate on their own) what Tolkien actually was doing with those things. (And those who did generally had the common sense to do their mythological derivations from another set of legends than Tolkien).
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That said, his actual writing is, indeed, cringe-worthy as often as not. I love the book still because I love what they show us - the glimpses after glimpses of a universe of stories stretching on to infinity - but it's definitely not readable by everyone.