It is my first time working on production grade code which has SLAs with other parties and well, for me, logging is crucial.
1. Logging the whole end-to-end chain allows us to view "whose fault" it is basically. We work in a microservices landscape and any request coming in the system goes through several teams. Pinpointing the team responsible for fixing their shit is important to get things up again.
2. Sometimes it happens that we (my team) drops the ball, we have some custom logging that traces the whole request through our application and we can quickly pinpoint what function failed or again whether it is a third party API call that failed or something.
For me, logging is very important, but perhaps there are better solutions available that I'm unaware of, always eager to learn and improve.