The answer might depend on where you are with respect to structured training.
If you are reasonably experienced, understand the core principles of training and are looking to move up a level, a power meter might be a good investment. You need to understand how to apply a power meter, so it won’t get you fit for free, however.
If you are new to training, I wouldn’t recommend rushing out to get a PM. Buy yourself a basic HRM and some training books, do some reading, and if you want to spend a bit more, get some coaching. If you join a good club, you might even be able to get some coaching for free.
Power meters are the gold standard for training, but they are not essential, and you can learn to train very effectively without one.