@E9ine_AC 
In theory yes but I am talking in practice. Consider these three scenarios; early, mid and late game:
TL:DR: Before the patch, the ult was, as you said, quite useless late game but it was very good if you could drop it very early game since it could give you a high tier loot straight from your early game loot. In my opinion after a couple of games with the rework, its still quite useless late game since you already are stacked then but its become much worse if you drop it early game. 
Early game (from popping multiple ult accelerants or charge towers right at the drop): 
Before patch: You would get high grade loot like Purple/golden armor, Purple/golden BP, Digi-threat, Purple mags etc when most people are running around with low/mid tier loot --> Very good for you
After patch; You will most likely get meh loot like a blue armor or blue BP as I got when dropping it immediately. Nice but is it worth the attention from nearby enemy squads (talking high elo ranked here)? 
Mid game (like when you get the ULT without using any speedups like close to the end of round 2) 
Before patch: if you played "tactically" and avoided fights, your loot will be just a tad better than in the early game scenario i.e also a mid-game drop will be very good for you since it might give you some high-tier loot. If you played aggressively and got 1-3 squad wipes, your loot will already be mid-to-high tier and the items in the ult will result in a slight upgrade.
After patch:  if you played "tactically" and avoided fights, your loot will be just a tad better than in the early game scenario i.e also a mid-game drop will be MEH for you and probably not worth the risk of the attention. If you played aggressively and got good loot already, your ult might give you something really nice but not "game breaking"  to your already OK loot)
Late game (like final 4-8 squads or so)
Before patch: if you played "tactically" and avoided fights, your loot will be just a tad better than in the early game scenario i.e also a mid-game drop will be very good for you since it might give you some high-tier loot. If you played aggressively up to this point, your loot will already be stacked and you wont need the ult and its not worth the risk of using it other than cover/armor swap.
After patch : if you played "tactically" and avoided fights, your loot will be just a tad better than in the early game scenario i.e also a mid-game drop will be MEH for you and probably not worth the risk of the attention. If you played aggressively up to this point, your essential loot will already be stacked and you will most likely get something semi-useful like golden knockdown etc.