It does use up some of the nitrate and phosphate out of the water, so it does to a small extent help with filtration. It can compete with nuisance algae and reduce it's proliferation in the tank. And it looks nice.
yeah it does compete with nuisance algae in both food in the ofrm of organics, and space. if your rock is covered in coralline, then there really arent any holdfasts for nuisance algae to grab on to. plus i think it looks cool!
good luck
jon