iOS has come a long way since those days so a lot of the most common use cases of the past are no longer necessary. But the principle is the same - the hardware is a general-purpose computer but the software is locked down unnecessarily in many ways. Jailbreaking lets you do things that are outside of Apple's box.
Watusi was great, it let you disable the blue checkmark on Whatsapp. (Since been added as a setting)
I also used a tweak that let me auto-block certain phone prefixes that spammers used. Quite useful.
Was also useful that it allowed you to install multiple copies of an app (such as whatsapp), though no longer a need for that either.
The downside to jailbreaking was often the instability but that was also back when the phones were way less powerful. Today, armed with LLMs, I would love to have root on my iPhone again. I'd love to rip out Siri and replace it with Claude Code or something like that.