Thank you for the clarification!

The reason it's there is so that you can quickly preview a tracks' waveforms without waiting a second or two after each one. Without doing Analyze Waveform manually, a track's waveform will be analyzed and calculated once the track is being played.
https://www.ventismedia.com/mantis/view.php?id=16723

For some, it can be worth running the waveform analysis ahead of time, to reduce wait times - Especially with the planned feature involving in-line waveform previews, requested at https://www.mediamonkey.com/forum/viewtopic.php?f=30&t=95684

If waiting a second or two for a track waveform to show up doesn't bother you, then there's no use to running analyze waveform on all your files.

Simple question, in MM5, I've launched "Analyse waveform" on my whole library out of curiosity. 8 hours later and still going, I'm starting to wonder why. :) Or at least if it's worth doing. What is the point / result of this waveform analysis? What are the benefits? I could see the waveform just fine before doing this. Does it enhance the waveform detail in any way? Save on future processing? I can't find any information on this option anywhere.