Really, the primary benefit I get is twofold:
1. I know approximately how long I slept for and remind myself of that all day via a widget. A short sleep is common for me, but I end up feeling foggy. Being reminded that it’s OK, I had a poor sleep, helps ease my mind.
2. I see approximately when I fell asleep and when I woke up. I end up having to add extra time if I sleep past my alarm, but seeing that I didn’t really fall asleep until late into the night helps me manage the pattern of late nights.
Both of those are easily covered by even semi-diligently tracking your sleep on paper, but having my watch do it for me is what I like!