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Yes, if done correctly, Google Ads PPC will increase traffic to your website.
And, yes, increased traffic boosts organic SEO ranking. Google considers traffic to be an important signal, and it is now more heavily weighted in their ranking algorithm than ever before.
SEO saves money in the long term. However, SEO can be expensive in terms of time and money spent hiring freelancers or firms to provide SEO solutions. It is still less costly than PPC in the long run.
When you generate content that ranks and attracts traffic to your website, you no longer need to spend money to ensure that your target clients see it. And, unlike a PPC campaign where you pay per click when these customers decide to click on your link, it is free. Organic traffic is also very expandable and low-cost.