If you're going for speedy killing to get to the highest wave possible, I'd say no. When you get these traps, you'll also have access to weapons powerful enough to easily get through the Pumpkin/Frost Moon. The traps kill too slow, and as you said, as long as enemies receive damage from traps, you can't hurt them.
Try getting Duke's items first, so it'll be extra easy for you.
That said, I haven't tried using traps in 1.4, so I'm not sure their damage has been increased and whatnot.