Yes it is. Despite being only 8 teams/brands, it brings in millions of pounds per annum for each of the 18 counties, that the counties need because the T20 Blast doesn't bring in those numbers (and neither does the CC or the One-Day Cup). The counties are/were on their knees financially (as you know Durham were/are and there were many others) and the Hundred was literally created for this purpose.
For avoidance of doubt, it was the counties that created the Hundred. They voted 16-3 in favour of creating it (first class counties plus the MCC). This isn't a Kerry Packer thing, the counties themselves literally devised and implemented it, and they jointly own the teams as a collective. They wanted it because they needed to bring in revenue from the 'Made in Chelsea' fans or whatever you want to call them.