I think it does help! I mean, it depends what your end goal is. If you want to climb the ladder in that company, then you should be an industry expert. You’ll have better ideas and valuable insights the more you know about your sector. It could also help you change roles if that’s what you wanted to do.
Getting ahead of the competition is important to any business, so knowing industry trends is crucial.
If you don’t think that you want to stay at the company long-term or you don’t want to be in a role where you do need to do any strategic planning, you don’t really need to worry about researching the industry.
I have a friend who was keen to learn about her industry and was always reading and sharing articles about it and she’s really successful. Likewise another friend who was always reading books about customer service and she moved to be a manager.