If you want to be incorporated in the EU and are from an EU country where the government UX sucks, it might be worth it.
If you are a B2B software company that frequently hires contractors in the EU it's better to have the company outside the EU as there's less paperwork involved. Also tax reasons.
I'm from the EU and starting to work solo on a SaaS this year and probably release it next year. I don't plan on hiring people short term.
Company registration is done through a web app where you just select from drop downs or choose numbers, like how many shares are needed for certain votes etc. I think it was around 250€ and was approved in a day or two. A forwarding address for the company is about a 100€.
You have to visit the bank to open local accounts. You can get an account with a EU-wide challenger bank if you don't want to go there just for this. No real benefit to having a local account unless you want financing for local projects or something along those lines. The banks charge you more or won't open accounts if you are a foreigner or e-resident.
Taxes and reports can be done online. If the company is dormant or doesn't make a profit it's very simple. Otherwise you can get an accountant.
No idea about employees and payroll but unless you want to employ locals it's not very interesting.
For example freelancers in Spain (called an "autónomo") have to pay the state about $300 USD every month regardless of how much money you make to be able to produce invoices and charge for your services.
Of course there are also taxes when you do make money. Not sure about the percentage now but when I lived there it was about 40% of your profit.