I want to understand if playing fantasy cricket is financially beneficial? I have a good understanding of the game and an analytical mind, but I don't know how much this knowledge will help me in this game? Is it all about luck there or not?

Luck plays a very big role in fantasy games, but it is far from the only one. If you are not a gambling person and know how to keep your head, you can win.
My buddy plays fantasy tennis and fantasy cricket and has a nice extra income on top of his salary (he is a web designer). You can also use various AI services like fantasyhero that will help you to make more successful strategies.
AI tools are used by absolutely all analysts today.

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