Kinda maybe yes…
Shards
The Shard Rewards are really the biggest winner out of the rebalancing. Previously you could get EITHER a 4* mat OR 50 emblems (nobody really chose the other options) for 10,000 shards.
NOW for the same price you can get 90x emblems & a good chance of the 4* mat too.
Which Levels?
A really great read is the guide by @TheEyes: A Guide to the New Alchemy Lab (v30, 2020-06-17)
In terms of which levels to use, it depends largely on your gem availability… If you have some gems available, AL19 (Level 10A) is a pretty good investment. Essentially generates enough shards for you to cash-in each week & while also giving you a shot at the 4* mat each week from the transmutation.
AL20 (Leve 10B) is OK, again if you have some gems to burn, and will give you another shard cash-in per week. If you have 1x spare mat you can essentially keep putting it in & out each week… just keep turning it over.
@TheEyes suggests that the “sweet spot” in terms of shards/food & shards/time (particularly if you don’t have gems to burn) is in the middle ranks (as expected):