It is. Ultimate difficulty gives 200 more coins to trade in ninja scroll, as well as more regular coins. Item/frag rewards are rng based, you seem to get the same stuff in all modes.

The real question is, is it worth clicking the unlock buton, and the confirm thing every time.

Yup, the way I do it is, until I can't unlock it anymore, I then just spam the scrolls on Elite. Then when those run out, I do Ultimate again.

ultimate has a chance for a couple drops that the others dont, but for the most part (99%) the drops r all the same. since u cant do ultimate every day, expect once a year to get one of the good drops, its kind of worth it if it means u save a few hundred cp from buying that ninja frag in events, but its not major, u choose if u would rather save the time or save the cp.