I think it makes sense if you view it from a control theory perspective rather than an embedded perspective. The mechanics of the UI (be that a physical button or text input) create a flaggy signal. Naively updating the UI on that signal would create jank. So we apply some hysteresis to obtain a clean signal. In the day way that acting 50 times on a single button press is incorrect behavior, saving (or searching or what have you) 50 times from typing a single sentence isn't correct (or at least undesired).
The example of 10ms is way too low though, anything less than 250ms seems needlessly aggressive to me. 250ms is still going to feel very snappy. I think if you're typing at 40-50wpm you'll probably have an interval of 100-150ms between characters, so 10ms is hardly debouncing anything.