It depends on the size of the project (mostly in terms of number of active developers) and how close you are to the running code in production.

On a large project it's probably the first tool I reach for when we find something we have reason to believe was a recently introduced bug. Specifically annotating (git blame) the relevant code and scanning for what lines have been recently modified.

I've worked in startups where there were only 2 backend devs and a frontend guy. There it was almost completely irrelevant and I spent a couple of years at a large software shop, early in my career, where bugs in production code was mostly someone else's problem.