As our planet gets warmer less area will be avaliable for farming so vertical farming will be needed to supply food for a growing population.
Vertical farming will not replace traditional farming but it will be an addition to this.
Vertical farming can be effective in growing food by using less energy,We can use only the part of the light spectrum that plants need(UV-Blue-Red-IR)And avoid producing un needed green light(plants do not use the green part of the spectrum).
The use of water can be a lot lower in vertical farming as any evaporated water can be captured and recycled.
The need of plant nutrients can be reduced significantly,One only needs to add the nutrients the plants remove(so no runoff of nutrients at all).
The use of pesticides can be close to eliminated and this is good news for insects that are needed in the production of food and for the consumers of the food.
A very large part of the water used in prossesing of the product can be recycled and used to create more food,So less water will be wasted.
A lot of the organic waste can be used as animal feed directly(Roots stems and flowers material not usable for human consumption).
So the answer to your question is yes there is potential in doing this,How large potential there realy is i do not know but i think it might be significant.
The prosess uses more CO2 than it releases(if renewable energy is used) so it is cleaner for the environment,It can be done anywhere so less emission of CO2 during transport to the consumers.