Yes, judged honestly against its price. 8Cr13MoV is the value benchmark: about 0.8% carbon, 13 to 14.5% chromium, shipped around 58 to 60 HRC. It will not hold an edge like D2 or a powder steel, and it comes back to shaving sharp on a basic stone in a couple of minutes, every time.
The question people usually mean is "am I being short-changed?" and the answer is no. 8Cr13MoV on a $30 folder is the right steel for that price. The same steel on a $200 folder would be a poor deal.
Its compositional twin is Japanese AUS-8, a steel that was considered respectable for years before the specification-chart era made it unfashionable.
Heat treat, far more than the alloy. Two knives listing 8Cr13MoV can behave very differently depending on how carefully the maker treated it. Brand reputation is a better guide here than the steel name.
Grind matters too. A thin, well-ground 8Cr13MoV blade out-cuts a thick, badly ground premium-steel blade in almost every real task.
If you cut abrasive material for hours and resent sharpening, buy carbide. If you do not mind a two-minute touch-up on Sunday, 8Cr13MoV will never be the reason your day goes badly.
The honest step up is Sandvik 14C28N, for a small premium.
The full reference entry, with the published composition and hardness range and every listing we carry in it, is 8Cr13MoV in the Steel Lab.