Yes and no. It really depends on your investing strategy and the way that you perceive risk and what kind of risk you are willing to accept.
Certificates of deposit is pretty much a bond that is issued by a bank and that has a short term maturity. The return is higher than the bonds that the government issues which is reasonable taking into account that the risk of default for a bank is higher when compared to the whole country. So, yes you could say that it’s a wise investment if you find a bank that has a low risk of default and issues certificates of deposit that have high returns.