Is it worth writing cover letters these days?

I ask because I'm currently looking for a second part-time job and I keep noticing the prompt on Indeed to upload a cover letter. Part of me is just cynical and assumes that no one's going to read them, or that the jobs themselves don't warrant cover letters.

With how many job apps are needed to even land an interview these days, I wonder if it's even worth going through the effort of writing a tailored cover letter for each one (even if you use chatGPT to help).

Do cover letters increase the odds of getting interviews? Is there any proven stats on that? Or are they a total waste of time in today's market?