The power meter is very useful for doing structured training. Interval intensities are defined in terms of power and you can use the power meter to ride at the appropriate power.
Within a structured training plan you need gradually hard weeks and a recovery week in between, the power meter allows you to measure this and follow the program.
It can also be used to measure your fitness and evaluate how you are progressing.
Using ride data, you can look back and figure out what you need to improve not to get dropped in that fast group ride or you can see what is needed to achieve some target.
However, you don’t get faster just by knowing how much power you are outputting, need to use it.