Shift add used to execute much faster than multiplication in 8088 days and people would use it when they had to multiply an int by a known scalar (shift took 4 clocks and add took 12).
Compilers still prefer LEA to multiply on 3,5 and 9, which performs shift+add I believe.
A shift is faster than an add.
On 6502 they are both 2 cycles. On the vast majority of processors I'm aware of, "simple" alu operarations don't vary in execution time
On 8086 or ARM you can get a shift "for free" with your add, although on the 8086 you have to use the LEA instruction.
ADC #immediate is 2 cycles, as is ASL. Are you really multiplying a constant by 3 at runtime? Probably not. ADC zp is 3 cycles. Plus 2 cycles for the CLC.
The M68020 added a dedicated barrel shifter, which could execute much faster then the M68000.