Depends on what you call recycling, I suppose.
Sure, scrap aluminum is worthwhile to recycle. Scrap steel maybe not so much, but at least possibly.
But, you know, I recycle a lot of vegetable waste from my kitchen into my compost heap out back to make more vegetables. That certainly benefits ME by making my garden grow better, which means I eat better.
I reuse paper grocery bags until they fall apart (then they also go in the compost heap), so that’s me recycling again. Probably not a huge impact, but not a negative, either.
If I’m getting rid of household goods that are still in good condition I don’t throw them out, I donate them to charity. That’s recycling, too. (And in bad times I go to thrift stores and boy am I glad other people also donate stuff they don’t want!)
Now, I’m not a fanatic about this - you are NEVER going to eliminate ALL waste - but recycling is more than just dumping stuff into a bin. It’s also an attitude of waste not, want not. That’s why it’s also expressed as “reduce, reuse, recycle” because it’s not just about turning old newspapers into new newspapers. As has been pointed out, the costs of materials, distances involved in moving it around, human labor, and other factors affect what does and doesn’t make sense. There are also other social goods besides profit - recycling opportunities can lead to less litter as people either throw less stuff away, or the downtrodden scavenge the litter for profit. Sorry, but yes, it can be a little complicated.
But, the point that municipal recycling programs can and do lose money is also valid. Nobody is getting rich off recycling, that’s for sure.