Hi- Is Social Bookmarking submission is beneficial for generate traffic?

Yes social bookmarking helps to build your website backlinks and also traffic. They help to build your website popularity in search engines and generates more traffic to build its popularity online.

Of course, social bookmarking is a important part of SEO

Social bookmarking websites are sites on which Internet users share their web pages, articles, blog posts, images, and videos. There are a number of advantages to submitting your content to one (or more) of these sites. For one thing, they help to increase your brand awareness. The more people who have access to your great content, the more likely that your content will go viral.  These sites also help to get your blog posts indexed more quickly and increase your website traffic.

It will be beneficial if the social bookmarking sites are reputable and authority in the field.

Social bookmarks are beneficial when you submit your website to higher authority and popular sites. Another thing, when you are submitting your sites to social bookmarks, don't just copy the content from other sites. Always focus on quality and unique content for your description.