Yes, SOCIETY is a Scrabble word!

Letter values in Scrabble US: S 1, O 1, C 3, I 1, E 1, T 1, Y 4.

Is it a valid word?

SOCIETY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an extended social group having a distinctive cultural and economic organization
a formal association of people with similar interests
the state of being with someone
the fashionable elite

Also: social club, high society, beau monde, smart set, bon ton.