Yes, investing in an ICO project is still profitable, but it's only profitable if you find a project that can be successfully developed and entered into a token exchange.
Which is right now very rare due to the condition of the market Most ICOs are even not ready to launch now due to the fact they might not collect enough funds for their project and then maybe market instability might step-in crashing the rest of their little strategy..You want to invest search for the most updated ico and the HODL for the time being