For covering Dunkelflauten? Yes.
For seasonal storage with a prolonged discharge (so, low power/storage capacity ratio)? I think thermal storage wins there.
E.g. 100 GWh (4 days of 1GW thermal power) with a 100C temperature swing (you can't go down all the way to room temperature) will need around 3.6*10^4 tons of sand. That's a lot.
Honestly, power-to-gas sounds like the only reasonable way for now. In theory, with SOFC (Solid Oxide Fuel Cells) for power generation, it can beat the steam cycle.
View another way: if we hook several piles in series, then lukewarm air from a first mostly discharged pile can be directed into later piles for more heating. In the continuous limit this is the concept I described above.
But I have no reference for the cost of setting up such a storage and how it compares to battery or hydro.