When I was an IC on a team I didn't care too much about my colleagues daily updates, but I cared about the interaction we got from being able to meet and talk. This was pre-pandemic so it was nice to get together in the morning for 15 mins.
When I was a TL for a team I did care about what other people were working on, and I appreciated being able get that interaction.
As an EM I do care about what you're working on but I have many ways of knowing that...mostly I appreciate everybody getting a chance to interact with team mates for 15 mins. I've gotten a much wider view of what people's need with respect to cohesiveness and interaction are, particularly in a remote first world, and people do benefit from having these interactions. Cohesiveness has increased, people reach out more, and for my new grad hires its given some structure and opportunity to get to know others.
Like anything else, it may not work for your team, or the process may be too heavy handed to be useful. I didn't always have stand ups for my team, and like many other ceremonies its dependent on the teams constitution and lifecycle