Welcome to TA. Questions such as if something is worth it is hard to answer as they are all subjective questions. If you were to say, we need to get to Carmel at a fixed time in say 2 1/2 hours from SFO, I would say then that would be an issue to go down Highway 1. If you have the time and it is a time of the year when it is not dark then most regulars on this forum would say it is a great drive.
Yes it is the Pacific coast but this part is just referred to as Highway 1 and not PCH. That part is way south in Southern Ca.
The drive from SFO (this is the aiport) not the City (SF) would be via 380 W to 280 North to 92 West and it would get you to Half Moon Bay which is south of Pacifica. To start your route in pacifica, you would have to go North on 280 and then get to Pacifica and head back south. Perhaps you can start your coastal route from Half Moon bay and go South. There is plenty to see enroute so it is not just a 2 hour drive but will take longer with stops
here is one pictorial link for things to see along Highway 1 from HMB all the way to Big Sur. Pictures are worth a thousand words from Mike Neenan TA contributor