Where it has value, I think, is giving people a reference for the number of important variables. Modern DSLRs are covered in controls and symbols and modes, etc. and I believe for a beginner it can be quite overwhelming. Having just these key factors in mind when shooting could plausibly give a beginner the right set of variables to focus on without being distracted by all the other fluff.

That being said, I absolutely agree that the only way to learn photography is to get out there and shoot.