I agree with all of this. I’d add that it’s useful for sorting and searching. Things like keyword matching, from address, and from domain aren’t as consistent as you’d hope, but companies do need to actually email the address they were given, so you can use it to reliably identify emails from them.

But all 3 of those use cases, plus privacy, can be addressed with word.salad@bigdomain.com. So you may as well get the privacy bit in there.