Probably a good idea. If you look at it from the perspective of the cat, a living cat I mean, this is better. A stuffed cat just needs to go through the washing machine now and then. It has no other needs and can give people all the time they want.
Expensive to buy the companion pet but… consider all the expenses of owning a real animal. The companion pet is far less expensive over time. Consider just the first week of supplies for a new pet. Another great thing is never having to worry about finding pet friendly places when moving or travelling. 
Source: Hasbro – Companion Pets