Definitely. The reason? Because the more research you do of techniques used by those at the leading edge of your field, the better and more creative a [insert name of your profession here] you will become.
On a weekly basis, I read or at least skim over research papers on real-time raytracing, global illumination models, up-and-coming AI techniques, procedural generation, narratology and/or game design as well as other random topics in math and geometry. In fields you are new to, it will take you a while to grok the fundamentals, and you may sometimes feel stupid. Don't be intimidated. (This assumes you are not already post-grad or an otherwise seasoned researcher). The more you immerse yourself in that knowledge the sooner you will begin to see the bigger picture and the brilliance of the solutions documented. You don't have to read entire papers either. Sometimes just a skim through or looking at the results concluded in the study are enough.
I think it's all too common in the game development field not to think of ourselves as computer scientists. IMHO this is one reason why there's been an increasing lack of innovation since the mid-90's, and conversely an increasing interest in indie titles.
I've found another excellent place to research solutions that push the boundaries of available technology is the demo scene. In earlier days, many game developers (take Zyrinx/Lemon for example, the guys who developed AMOK) came from the ranks of demoscene coders, and I think in some parts of the world at least, this still happens a fair amount.