I used to preorder games when there would be legit local shortages of games. This was a thing for most of my adolescent life, before ubiquitous big box stores, your local store would only get so many copies of a game, and would only get new shipments once every couple weeks. I continued preordering games up to about the 360 era, and I *mostly* stopped preordering once I switched go digital at the tail end of the 360.
These days I don't need any games on day one except for my absolutely favorite franchises, like Red Dead, maybe GTA or if there was a new Fallout. I used to buy most games on day 1, but now I rarely do.
Xbox allows you to download/preload a game without buying it, but that's still a pretty new feature. So there used to be that benefit, but now that's not needed. Not sure if Playstation has implemented that too.