cons is an adt and fundamental building block used to build lists (which is a builtin datatype) it's also used to build other data types. the property we're discussing is useful when you're operating on those other data types, rather than lists. when you're designing those other data types you have to be aware that null can be both the absence of value and a value, so you design those other data types appropriately. the property we're discussing becomes useful and handy when you don't care about that distinction, which is quite often in practice.

for example a useful datatype is an association list. (setq x ((a . 1) (b . 2) (c . nil))) you can query it by calling (assoc 'a x) which is going to give you back a cons cell (a . 1) in this case. now the presence or absence of this cell indicates the association. if you want to know explicitly that C is nil, then you have an option to, and it's similar in function call counts to Scheme. if you don't care though about the distinction you can do (cdr (assoc 'a x)) which is going to give you 1. doing (cdr (assoc 'foo x)) will give you nil without erroring out. it's a pretty common pattern.

in case of established data types like association list, you will probably have a library of useful functions already defined, like you can write your own getassoc function that hides the above. you can also return multiple values from getassoc the same way as gethash does the first value being the value, and the second value being whether or not there's a corresponding cons cell.

but when you define your own adhoc cons cell based structures, you don't have the benefit of predefined functions. so let's say you have an association list of symbols to cons cells (setq x ((a . (foo . 1)) (b . (bar . 2)) (c . nil))). if I want to get foo out of that list, I'll say (cadr (assoc x 'a)) which will return foo. doing (cadr (assoc x 'c)) or (cadr (assoc x 'missing)) will both return nil. these later manipulations require extensive scaffolding in Scheme.