I asked a very similar question not too long ago (my 401k is even worse, no index funds and 2% expense ratios, no match), but the general consensus that I agreed with was it is still worth it. Especially at higher incomes, this has a larger impact since it’s taking away money that would be taxed at your highest marginal rate. If you go through the calculations, or even just plug in pretend numbers of contributing/not contributing into tax software, you’ll see the savings in taxes far outweigh the expense ratio and possibly a poorer performing fund.
I know it sucks, just hope to roll it over as soon as possible. Can also consider asking your employer to switch plans or offer more funds, though this may not work and may not be feasible depending on the relationship with your employer.