Yes.

Put simply it disconnects merge and deploy from launch. This is very useful when your changes rely on other teams or third parties having gone live. Having a feature flag (we call them toggles) lets you get it into production turned off, without having to coordinate deploys with other systems.

The downsides are it is extra development overhead and adds tech debt (you should go back in and remove the toggles after a successful launch). Generally we try to devise a solution that can be deployed safely without a feature flag but they are often required.