Yes. It's one of the most free wins possible for the devs.
Transmog, mounts and pet collecting with the Wardrobe feature single handedly added thousands of hours of gameplay and spawned some amazing secondary progression system addons like ATT (All The Things). Imagine what Player Housing could do if implemented correctly. Furniture and decoratives collected from legacy and new content alike, themed after the raids/dungeons/locations they are obtained from. Displays for other collectibles. Gold dumps for rich players (I have nothing to spend my 30 million gold on, the game needs more gold dumps). More furniture and decoratives attached to professions to boost the no-power oriented economy. Player Housing could add more content to the game than the Wardrobe already did, which was incredibly substantial.