Yes, you should. If you were sent a wedding invitation, but it is too far away (in distance) to attend or you have another commitment, you should still send a gift.
A wedding present isn’t intended as a repayment for you getting to take part in the wedding ceremony and reception. It is a way of expressing your good wishes for the couple and responding to the regard they showed you by asking you to share in their big day with them.
What you send is entirely up to you, and depends on how well you know the bride and/or groom.
If the bride is a close relative, you will obviously want to give a meaningful present. On the other hand, if the wedding is that of a distant acquaintance, something more modest will do just fine.
Have a look at their wedding list, it is likely that they have put together a list with a wide range of prices and you’ll be able to find something suitable.
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