Absolutely. Its important to get yourself out there, to make it known that you are looking and what you can offer.
But a lot of the time, I think networking is misunderstood. In my mind, the key to successful networking is the concept of mutual benefit. It isn’t necessarily to go around saying you need a job. Rather, thoughtfully ask people about what they do, how they got into their business. Think about how you might be able to offer them something. Then you’ll develop a relationship and they’ll have you in mind when something comes up. Just shoving a resume in a stranger’s face usually doesn’t do anything.
Networking is important and helpful, but I think it is more helpful for people that need business or referrals or clients or something like that, rather than people who are simply looking for entry level jobs.