So, for example, you know if at offset 0xDEADBEEF there is are 8 bytes which are holding a number that you want to use, you can access that chunk of memory and use it however you want. And you can interpret it how it is appropriate for your use case, for example reading it into a string, or an int.
Being grounded in hardware makes a lot of other stuff quite arbitrary, and it can become a question of style rather than functionality. And by imagining what the hardware is doing you can understand what code is doing that you have never seen before at the lowest levels (all the way to what the registers, FPU, APU, etc on the CPU are doing). That can also help with debugging.