100%. Preparation is key. I never walk into a situation that matters without going over a ton of different paths the conversation could go. Even if the conversation goes down a path I didn't prepare for, the preparation was still helpful. Preparation looks like quick thinking, but it's not. It also very valuable at keeping your emotions in check, avoiding one of the common reasons conversations go off the rails.
My favorite line lately is: "Fail to prepare? Prepare to fail."
Nothing against failing as both outcomes are good learning scenario, though I think, def favor preparing for the most interesting failure is probably the best outcome.