Yes!
With cats, a microchip is the easiest way to get your new pet back to you if he/she gets lost. Most cats do not wear collars, and even if they do, most cat collars are “quick release” collars in case they get outside and get caught on something. These collars prevent your pet from strangling itself should it get stuck in a pipe or caught on the wire from a fence or something similar. Once the collar is gone, there is no way for someone to identify that kitty as yours. A microchip is a permanent record of who that kitty belongs to, it’s also a very inexpensive way to make sure your pet gets home to you. By law, if a shelter (or rescue) finds a cat, they must scan it for a chip and attempt to contact the owner to reunite the pet with their owner. No chip means your cat, once the stray hold is up, is fair game to be adopted out to someone else.