I think the main reason to read your kid is you enjoy it. Is it fun? And if you don't, you're probably not going to help them much. Having said that, I think the more interesting question would be whether it builds a taste for reading. It's hard, it's really hard to measure. For starters, you're a different person after you have children than when before.
Economist and author Emily Oster of Brown University talks about her book Cribsheet with EconTalk host Russ Roberts. Oster explores what the data and evidence can tell us about parenting in areas such as breastfeeding, sleep habits, discipline, vaccination, and food allergies. Oster often finds that commonly held views on some of these topics are not well supported by the evidence while on others, the evidence appears decisive. Oster thoughtfully explores the challenges of using empirical work and balances our sometimes ignorance with common sense.