If you don't have a marketing war chest, SEO will be the thing to make you a millionaire, but you have to be consistent. It's a choresome, long, grueling process, and you have to tend to it 5-6 hours a day to start (now I'm at 1-2 hours per day doing reachouts to journos, answering queries to get backlinks, internal linking, tending to my site, and guest blogging). It's boring work so you have to just grind it out. I make it enjoyable with my favorite hot drink and some spotify.
My mentor is a YC grad who just got a $3mm investment on Demo Days and that's how he's gotten his businesses to make millions.
It is and it will always be. Without link building, a newly-launched website will never rank. But, successful SEO requires sticking to Google policy. You know, no black hat SEO, no links from destructive websites, etc.
I def think so. Without SEO you're missing out on visibility to your app or site though google and other search engines. Therefore, you're constrained to other avenues like word of mouth and missing out on a larger online audience.