A similar thing happened with Haswell. The older BIOS is still available and still works. Same with Skylake. That's why I specified 'depending on exact BIOS'.
Z grade motherboards have some value with locked chips, they typically have better parts, allow for significant memory overclocking and SLI (and better doo-dads) I ran memory at 2566 Mhz on a Haswell i3 with my Z97M OC Formula board, for a decent and cheap performance gain.
I can't tell if it is worth it unless I know what you want it for. Overclocking is of very limited value in gaming, for example, but is nearly always worth it if you use your system for making money.