It comes in useful if you're needing to keep a temporary result while doing your calculations. It also helps in lining up the inner time dial with the outer speed/range dial. There are also a couple methods you can use the wheel for that involve such things as comparing angles at different ranges. This becomes easier when you have the cursor to track and line up on one of the values, while you use the built in one for the other.
It's not strictly necessary, but it's so useful that I wonder why it wasn't built in.
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