Yes it is.
First of all, all jewels should have a source of EHP to be really valuable: See Life or Energy shield high rolls. Without this they need to be REALLY gg to even cost few ex, I could give you few example of good 4 dps mods for top meta builds costing few ex only.
Yours is not a case of a GG 4 dps mod jewel: First of all it´s only good for an underused build, and even for molten strike it is quite shit because the 3% AS is a bad stat and the proj. dmg only applies to the second half of the attack. You could easily get a 7% life 10% dmg jewel and everyone would use it over this one, sorry but it doesnt cost anything