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Big Yes , as really from my physical experiences I discovered that some stuff and I mean some and not all , miss use for the internet in the office as they always online with other pages like Face Book / Look for update new especially if the country you live in always have updated new every seconds
I agree with all the points that has been mentioned but one can not ignore the fact that today be are dealing with generation that has grown on internet and social media. so even if they do not logged in using the computer they will definitely going to use your company's wifi and mobile. so why not let them use it?
For Organization:- For better Productivity off course these all things should be blocked.
For Employee:- Never ever try to surf these website through organization's PC. (Use Mobile)