Is Fancy Feast cat food good for cats?

This will depend upon your criteria and standards, but in general I would say Fancy Feast is probably not the worst canned cat food.

Nutritionally, Fancy Feast canned food meets the AAFCO standards for feline nutrition. Most other national brands (Iams, Eukanuba, Purina, etc) will also meet this standard. There are some off-label brands that don't meet AAFCO - you can look for the AAFCO statement on the can - that would be much worse for your cat.

If you are looking at primary food ingredients, Fancy Feast isn't bad - most of their primary ingredients are meat-based, with minimal fillers.

If you are looking at size, Fancy Feast cans tend to be smaller than other canned cat foods, likely to keep the cost comparable per can. This means it is more expensive when you are feeding 100% canned food.