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The other bonus (specially the research bonus) are more than worth it to go down this path.
Some people have even optimize the construction order so much that they can achieve 480-500 factories by June 1941
https://www.reddit.com/r/hoi4/comments/sca0qy/soviet_union_industrial_strategy_for_500/
So from a military production perspective, the Five Year plan part of the tree is more than worth it.
If you can delay the German attack until 1942 then it is certainly worth getting it in early.
Also, if you play on harder difficulties the bonuses are even more worthwhile (because they offset negatives).