It's part of the puzzle.

It's true that high efficiency catalytic electrolysis requires expensive materials. But at significantly lower efficiencies you can just do the same thing we all did with a battery in grade school. That's not quite free to build out, but it's close. And relying on low-efficiency energy storage to fill the gaps in production is still better than firing up a gas plant to supply the power.

It seems not unlikely to me that a lot of wind and solar plants might see building out a local hydrogen electrolyzer and generator (or just sell the hydrogen) as a useful choice.

But yes: there's no silver bullet, and there are a lot of very reasonable competitors in the energy storage market.