It's rather useful, and can provide a much better user experience, especially when you have a patchy network.
My product has approx 300k users and is a PWA: https://usebx.com - our users seem to like it :)
Our major income comes from larger corporate contracts with medium to large businesses, that deploy our product on-prem. Often these were people who used our SaaS product, liked it, and asked us to deploy it internally for their business. Much less hassle than running a company that's purely SaaS based, and more stable income!
Yes, if you loaded the page once into a tab and then never closed it ever again, then it doesn't matter so much and you could use it if your internet shat out, but in practice people close and then re-open things later under varying network conditions.