It is, and its impact is still seen today. It was the start of actually making high budget and quality videos with great imagery. The industry had been lazy with videos for years.
Easily. It was the most viewed video in the entire world at one point in time. It's one of the most iconic pieces of pop culture to come out of the late 2000s/early 2010s. When people think of the year 2010, one of the things they'll always think of will be the 'Bad Romance' video.