It lowers the risk a minimum amount (which makes it not useless, but close to it.) Your resources are limited, so you want to prioritize actions that have good cost:benefit ratio.
Re-encrypting disks is a significant effort (cost), effort that could be spent on something with better benefit. Should you spend a day encrypting a database or should you spend it on looking over publicly exposed S3 buckets? Ideally both, but resources are limited. Doing one action always means you're putting off something else.