Earlier quoted context omitted.
> Tanh is implemented in hardware so it's used. Tanh is _not_ generally implemented in hardware, and it’s one of the fussier functions in math.h to implement well. Its only real virtues are that implementations are available everywhere, its derivative is relatively simple, and it has the right symmetries.
You're right that neural networks don't care too much the shape of most activation functions. I assume that splicing together two decaying exponential functions at the origin would work just as well in practice. However tanh is a bit more special than just having the right symmetries. Sigmoid is the correct function to turn an additive value into a probability (range 0 to 1). Tanh is a scaled sigmoid which fulfills t…
Note that tanh saturates to ±1 faster than most except erf when normalized to have slope 1 at the origin (its series at +infinity is like 1 - 2e^{-2x} + o(e^{-4x}), while many of the other options have polynomial series, so they don't approach 1 nearly as fast).
I suspect some applications would in theory rather use erf, but erf is even worse to compute than tanh (on the other hand, erf's derivative is really nice, so who knows?)