People are probably going to go either way with this, but I would say yes. It does help you to practice bedside manner and understand human dignity, which are important. I wouldn't rely on it as my ONLY clinical experience, however. I'd also engage in something (outside of shadowing) where you are interacting with physicians in some capacity, like a hospital, private practice, clinic, etc. Good luck!
Edit: You may want someone else's feedback on whether this falls under the "employment" section vs. the clinical experience section, or both, on applications. I never worked in healthcare so I don't know the logistics of classifying it.