As a rule of thumb, in most cases, no.
There are three main considerations. The main consideration, of course, is time. The second consideration is the need to travel. The third consideration can be the quota.
If you have at least six months before you need the H-1B approval, don't bother with Premium Processing. The traditional process should give you the approval on time. This is why you don't need Premium Processing for most extensions and transfers - you are allowed to work while waiting for the approval. Also, if you apply very early, you can save Premium Processing even for new H-1Bs.
If you expect to need to travel out of the US before the H-1B is approved, you will need the H-1B approval before you return to the US. Unless your old H-1B visa is still valid (usually only if you are transferring to a new employer), you also need to apply for a new visa at a US consulate.
Alternatively, you can sometimes travel out of the US before the H-1B is even filed.
The last consideration is the quota. As of the writing, the quota has been hit, and premium processing for new H-1Bs has been suspended. Of course, extensions and transfers are not affected.
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