Does paranoia have a rightful place in the tools of emotions?

By definition, no.

Paranoia: noun. A mental condition characterized by delusions of persecution, unwarranted jealousy, or exaggerated self-importance, typically worked into an organized system. It may be an aspect of chronic personality disorder, of drug abuse, or of a serious condition such as schizophrenia in which the person loses touch with reality.
                       Also - an unjustified suspicion and mistrust of other people.


Fear is a useful emotional tool when it guides us to avoid or minimise risks.
Anxiety, in moderation, assists us to plan ahead.

Any emotion based on reactions to real stimuli is an aid in guiding us to appropriate responses.

But emotions triggered by distorted interpretations of stimuli will reliably misguide us.

Even when we are not paranoid, other conditions like PTSD and unconscious childhood conditioning can mislead us into unrealistic interpretations. The pathway to healing is through awareness.