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This past summer I interned at a company and just got my W-2 Form. I am a 17 year old high school student which qualified for 2 Federal exemptions, 0 State exemptions, and 0 Local exemptions. I made $5,040 in "Wages, tips, and other compensation". For taxes, I had $414.28 in Federal income tax withheld, $312.48 of Social security tax withheld, and $73.08 of Medicare tax withheld.

Is it worth it to file a tax return?

I mean, with $5k income, you'd probably get all $400 federal tax back since the standard deduction would reduce your taxable income to $0. You might qualify for refundable tax credits too, which is basically free money if you file and take the standard deduction. It's up to you whether $400+ is worth it to you to file; this is about 55+ hours of minimum-wage work or one day of $100k+/yr work. This answer ignores the question of whether you are required to file; for that, see the instructions.

For most people, the minimum amount of earned income to require filing a return is $12,000. There are, however, different rules for a dependent which you almost certainly are (of your parents). In this case (see same link), the question is whether your total income is more than $350 above the W-2 income you mentioned in your question. (That $350 might come from bank accounts or investments in your name.)

Is it worth it? Well, that depends on what you think is worthwhile. You are most likely claimed as a dependent on your parents' income-tax return, which will affect how much tax you have to pay as opposed to how much tax your employer withheld from your salary/wages and sent to the government on your behalf. Most likely, too much will have been withheld from your salary and you will get a refund of the excess but only if you file a tax return and request that the excess be refunded to you. If you choose to not file a tax return, you won't get the refund. So, it is up to you to decide whether you want to request a refund or not. Note, by the way, that Social Security and Medicare taxes are not refundable; only the income tax.

You are officially NOT required to file taxes for 2018, in other words the government doesn't care if you file a tax return or not. That being said, it would be foolish of you not to file- because you've paid $414 into the system which WILL be returned to you if ask for it back. With the elimination of the personal exemption in 2018, the standard deduction applies to all of your income (see the 2018 form 1040 Instructions, page 38: "Standard Deduction Worksheet for Dependents"), so your taxable income is $0 with $0 tax owed. With the simplification of the filing process, a $414 refund is the obvious choice. Most online tax preparers will do your taxes for free, so you don't even need to worry about the paperwork or making a mistake (online tax filers act as an intermediary, and they will "handle problems with the IRS" for you).