The arithmetic is straightforward. If a proportion of people who would have clicked the free listing click the paid one instead, you have converted free traffic into paid traffic at no gain. Platforms report this as a highly efficient campaign because brand searches convert extremely well, which is true and has nothing to do with the advertisement.
There is one situation where it genuinely earns its place, and it is worth checking rather than assuming. Competitors are permitted to bid on your business name in most jurisdictions, and some do. If a rival advertisement appears above your organic listing when somebody searches for you, they are intercepting people who were specifically looking for you, and defending that position is reasonable. Search your own name from a browser you are not signed into and see what appears before deciding.
Two other cases justify it. A name that is also a common word or phrase, where the organic result competes with unrelated content. And a business whose name is similar to an established competitor, where somebody searching may reach the wrong company.
If you do run it, keep the budget small and the match type exact, so you are paying only for your actual name rather than for loosely related phrases the platform decides are similar. Add your own domain as a negative if the campaign starts capturing navigational searches you would have received anyway.
And measure it properly, which means comparing total enquiries rather than campaign performance. A brand campaign will always look successful in isolation because the people clicking it were already committed. The question is whether your total enquiries rose when it started, and that comparison requires pausing it for a period to find out.
Most first year businesses have no meaningful brand search volume yet, which makes the whole question premature. Revisit it once people are searching your name in numbers, which is a good problem and one you can see in your search console.
There is a related question worth separating, which is whether to bid on competitor names. It is generally permitted, it is expensive because those searchers were looking for somebody else, and it invites retaliation that costs both parties money without either gaining position. For a first year business the budget almost always returns more pointed at people describing a problem than at people naming a rival.