In my experience, the value of played out travel time is in the opportunity to tell the players more about the world and reflect the passage of time.
You can get your "here there be monsters" moments,
your "your caravan is halted as a large force of heavily armed imperial soldiers marches grimly to the west where a vast plume of smoke rises from beyond the horizon",
and your" you meet a family of immigrants who tell tales of a strange island near their hometown where the moon never sets and strange music can be heard at the changing of the tides" moments.
And these can either be backlit by a sense of urgency to get somewhere on time, or as a release valve to cleanse the combat palate, or as an opportunity for the PCs to get themselves into trouble they weren't otherwise considering.
If it's just a series of empty survival checks, yeah it's kind of the worst, but it doesn't have to be that.
Edit: I would say that this is something where there can be some diminishing returns if done too often or done for too long, and will vary in value a lot depending on the group composition.
I've used travel sessions for several different purposes, and don't always handle it the same way. I won't claim that I've always been successful, but I think there are a lot of valid reasons where travel sessions make sense. There are a few examples from my most recent campaign.
The party was tasked with exploring a remote dungeon. I played out the travel every time they went to and from the location, with scenic vistas, travel complications, and wandering monsters, to explicitly convey the sense of remoteness and isolation. I wanted them to feel all alone and in danger. Travel to and from the dungeon would typically take half of a session, although I think the first journey was a full session. I think it worked out pretty well. The players seemed to enjoy experiencing the different scenes, and it was an opportunity to throw some interesting challenges their way (cockatrices on a thousand foot high stair carved in the side of a cliff!)
The party joined a caravan for a long-distance 600 mile cross-country journey. I skipped over most of the travel with a travel montage, but stopped along the way for a couple of key encounters. One was a lore-building encounter with the potential to go awry, as a blue dragon extorted a toll from the caravan. The other was another lore-building encounter where the party could save the caravan from a devastating haboob, learn about some of the history of the world, and delve into some dangerous ruins if they chose (they did!).
I find I'll often gloss over travel, though, especially if they are in a safe area. So I guess I'd say I don't do travel except in a few circumstances. One, if the journey itself is important. Sometimes conveying distance and making travel a real choice is important enough. Or two, if there are interesting encounters and lore involved.