Is Air Dry clay any good?

Hi, I wanted to try out a bit of clay sculpting but I wanted to use some home made air dry clay because I don't have a kiln for firing. Also for cost related reasons. I found a quick recipe for it and I wanted to try it out. I did a bit of research about the pros and cons but I wanted to learn more. I haven't worked with clay before and wanted to start making some. I wanted to know what types of paint to use and what varnish to use as well to make them last as long as possible. Also possibly I want to know what starting tools I would need. I'm hoping to make some figurines for myself and maybe giving them as a gift. And if I get better maybe sell them in the future. Hoping to get some help!