For some people, this is quite valuable.
As a side note, the video downloading is made available in the mobile app as well.
Gives you all the features of YouTube Red - including the ones that were available BEFORE Google silently removed them to put them behind a paywall, like background play!
Also includes experimental features to use crowdsourced data on where ads are in videos and automatically skips them if desired.
Engineers hate these things because they know the relative minimal efforts required, and that the line of free vs premium feature is completely arbitrary.