All depends on your goals,
Fast kill rates seem to be the key to stability according to MA, so if it is to avoid big hits that could kill you then yes it will help maintain higher kill rates, by the ability to survive, and the ability to maneuver backwards to the next mob while you kill, reducing travel times.
I personally notice a pretty good reduction of hits on larger mobs going backwards (mostly to reduce travel times) at agility of 97, esp with pills/speed buffs. Though it can be a pain with a pet in tow sometimes.
But if you want to skill evade, hps, first aid ect, to the point you wont need to back up, you should take the hits.
Which brings the other part, Armor decays return in loot, and decays have been reduced by a good margin, so I personally would say tier whatever armor/tank the hits for skills if the surviving part isn't the issue, which by using armor/fap shouldn't be. It should in theory help modify the loot returned a little higher than if without.