Definitely, because at least half of the "fun" of quilting is touching and enjoying the fabric itself. Why not?
I can't think of a less harmful thing to do. It gives you something to work with on a rainy day and inspiration for future projects.
I do the same with food. If something is on sale that I didn't realize ahead of time, I buy it and use my freezer (for meat) and cabinets (for canned goods) and refrigerator (for things like yogurt, fruits/veggies) and then use up what I found at a great price.
For me, it is a very, very logical way to function!