It is worth the time to revise and resubmit if the referee recommends final rejection?
Unless you have some indication from the editor that your paper is still going to be entertained if you resubmit, I would not send it back to the same journal.  Most of the time, the editor will provide you with a bit of additional guidance, besides what is stated in the verbatim referee report.  This should be your guide to whether resubmission would be worth the time.  If the editor suggests that you might be able to overcome the referee's criticisms, and you think that you can, then go ahead and make the changes and send it back.  If the referee says the paper is being rejected, then you ought to start looking for a different publication venue.

If the editor's own comments do not address the status of the paper specifically (and this does happen; the Physical Review journals often send the author the referees' reports without any additional guidance from the editor about whether acceptance is likely the next time around), I would presume that editor is tacitly concurring with whatever recommendation is in the reviewer's report.  In your case, if the editor is effectively silent, I think you should just move on to another journal.