It’s fairly good at helping us understand the etymology. Have a “y” acting as a vowel in the spelling? Good chance it’s Greek. Have a “k”? Almost certainly not Latin.
You do have to have some familiarity with the source languages, but if it’s an unfamiliar but nativized word, those are almost always ultimately Latin or Greek.
You might also just happen to know a smattering (or even a lot) of Greek and Latin.
Knowing etymology is a an easy way to memorize things.
By all means a fun aspect about English that you can look at a word and guess the origin, and it's pretty satisfying to pull it up on google to see your high because you looked at spelling. This novelty has come at the expense of many other things that would have increased its utility.
I guess I'll add one thing to list benefits, this probably has resulted in different dialects of English writing things the same way despite saying them differently. Singaporean English is very different from Scottish English, but the written form of the same statements for the most part decipherable by the other dialect.