Yeah, absolutely.

The fact that nowadays you can get a study laptop for 500-600 pounds/dollars/euros that can also double as a pretty decent 1080p gaming platform is pretty telling. Not even that long ago you'd pay closer to 1000 for a laptop offering similar performance but with worse parts (especially the displays on those rigs were often atrocious).
Regardless of whether you view them as a waste of money (which is as subjective as "Red is a pretty color" or "Pizza is the best food ever"), gaming laptops are very popular - and for a reason.