It's a very useful tool to manage libvirt + KVM remotely without trawling through poorly documented XML, it's accessible from any platform - even an iPad, and it requires next to no setup (basically install the package and add a cert and you're done).
I consider these big pluses, I use Cockpit on Debian on my servers that run VMs rather than something like Proxmox, because 1. it's much less invasive, 2. the machines tend to run other things too, like docker containers.
Have been using it for this since ~2019.
The stats views are useful too, but I wouldn't install it for that on it's own.
edit: and honestly, there's not another good (maintained!) option that fits the niche of 'let me create libvirt VMs from a web browser on a single machine without taking over my whole system'.