Pretty much so, they know quite a lot, and can give some of the best advice, and they are good to talk too in times of need.
I take care of my grandparents, and due to them growing up in a different age and era, you often have to go out of your way to understand them. If you have the time, you realise old people are pretty fucking cool to get to know. Often, they're more willing to help you out if you need help, and they're easier to ask questions towards or ask favours. I think that some of them, when they reach old age, when they realise how close they are to dying, they don't want to die with regrets. Someone young may be unwilling to do anything for anyone else and not think twice, an older person (Some of them.) are more willing to do something for someone else.
Yup, you are right, I always give respect to senior people, I like them because they are well experienced.