But computers aren't fast in allocating memory. In particular, they're not predictably fast in allocating memory, as most allocators will have complex internal data structures and may end up having to call the operating system to give fresh pages of unused memory. The best case may be smoking fast, the amortized cost may be decent but the worst case is pretty bad.
So when reliable and predictable performance is needed, memory allocations are to be avoided. This is relevant if you're working on (soft) real time applications, say audio, games or so.
And linked lists are still mighty fast in addition and removal, joining and splitting. Intrusive linked lists drop one extra pointer chase.
In kernel space, there are tons of use cases for linked lists that are never traversed, or at least not traversed in the fast path. Traversal is the slow part, but that's not necessary for a lot of cases where you add something to a list or a set, and remove items one by one.
There's no other data structure that beats linked lists when there's only addition, removal, joins and splits, but no traversals. Linked lists are almost always the wrong data structure for the job, but in special niche cases (which are not that rare, at least in kernel space) it's the simplest and most effective.