My answer would be "usually, yes". It's just more relaxing in city traffic to follow the rules, I don't want to stress myself out like the car drivers all the time and make riding a bike more dangerous for me than necessary.
Also, since often I ride in a way that's inconvenient for drivers ("taking the lane") I feel like it would be hypocritical of me to squeeze to the front of the line of cars even where it's not practical, then ignore the traffic signs and hold up traffic again for the next two blocks.