Should I go to IIM Indore for IPM? Is it worth it to spend 5 years there?

You should go for it without a second thought. And, yes it is totally worth spending 5 years there.

The greatest advantage that IPM gives you is that you can join IIM Indore just after completing your 12th examination. Additionally, you will get great job offers from good after completing the IPM course from IIM Indore.

During the placement drive of 2021, the highest package offered was INR 56.8 LPA while the average company CTC stood at INR 23. 6 LPA, and the median CTC was INR 22.6 LPA. 

So, if you are getting an opportunity to join the course, go for it.