If that is where you are at and what time allows then of course it is. I've seen this discussed on other forums, where people feel its worthwhile going for a 30 minute run but unless they have an hour don't feel that its worthwhile going for a ride.
I think its not so much your speed because that depends on your fitness (and to a lesser extent your bike). If your heart rate is up where it should be then 40 - 45 minutes is a good workout (but don't let that stop you from building up the distance as time and fitness allow)