TL;DR: For the stuff that is absolutely essential, I still make physical flashcards. It definitely helps.

Long version: Yes. Since flashcards were invented, people took that benefit for granted--that most of the learning occurred as you were making the card. You were forcing your mind to pay attention to that one bit of knowledge, and three senses were involved: you looked at it [visual], you had to physically handle it [kinesthetic], and you often said it [aural].

There was a brief bad period when people started to sell pre-made physical flashcard decks. The initial benefit of making the card was lost. [But at least you still physically flipped them, which helped.]

Now, we're in a period in which the initial process is less tactile [bluntly, typing is faster than writing, so we don't pay as much attention] or missing altogether [many learners don't make their own cards anymore]. We've also lost the physical flipping [it helped; clicking isn't the same]. However, we've gained in the sense of SRS, which is excellent, and the fact that review is so much more convenient.