I find that print debugging forces me to think through the execution and understand what my program is doing in my head. By having the restriction of not being able to change my print statements without restarting the program, I'm forced to understand the program better. Some restrictions foster creativity.

I will add that I usually add various levels of debug log annotations even before I run into a bug so that I know what my program is doing.

Also, when I'm on an embedded platform that can't run a debugger or writing an exploit for a security vulnerability, being good at logging is nice.