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Wondering if it's worth running a squad of 2-3 Enginseer with 4 servitors in an AM mech army, are they worth the 120-160 pts or is it better to spend that on upgrades or an additional tank?

Unless its a mandatory part of a formation I would avoid getting enginseers, especially not with servitors. In this edition, tanks/vehicles die way too quickly to HP loss for the enginseer(s) to save them in time and giving PoTMS, while nice, is inferior to simply having more tanks. They're also a very vulnerable unit and it takes little investment from enemy forces to wipe them out.

I found one engineseer useful in a game against eldar. My tank commander in his punisher got the turret ripped off from a brightlance blast, which was immediately repaired by the techpriest and managed one last salvo before it ultimately died.
Managed to take out one of his tanks because of this while keeping the guys huddled behind the commander's squadron, but I think this was more luck than anything. I still would take one with a few servitors and always keep him by your best shooty tanks, just in case.

First off; each enginseer is a separate unit, so multiple seers will benefit multiple tanks.

Second: it really depends on your tanks. If you are taking Russ MBTs then the enginseers help with the Ordnance forcing snap fire. Artillery tanks benefit nearly as much if they do not explode from the first hit.

Third: the Formations in Mont'Ka require them and can make good use of them(the Russ Company just about needs one for survivability, but the awakening the spirit is also really beneficial).