In general, no. In most cases you'll be more profitable developing the domains.

Exceptions would include domains with considerable type-in traffic and/or pre-owned domains that get old referral traffic from existing links. I made about $20-30 a month on about 20 domains like this until the referral traffic died out. After that I either developed them, sold them or let them drop.

You won't get any search engine traffic since Google automatically deindexes Adsense For Domain domains.