Chromatic aberration is often used as a shortcut for dirtying up and realisming CG imagery, which tend to look clean and artificial on account of being artificial.
It can be effective for basically three things.
Conveying a certain state, be it taking damage, the player character being under the influence, a robot, or a robot under the influence.
Applied to specific elements within a scene, such as monitors, to make them appear more monitory.
Or if applied very carefully as to where it's barely noticeable. If you notice the color distortion, the game's just instantly more artificial and gross looking.
If dialed up above 3/10, applied full-screen and/or constantly always on, it always looks some degree of terrible, possibly causing mild eyestrain, headache or nausea. It is the worst post-processing effect ever by a landslide. There should always be a toggle and if there is I always turn it off.
The first time I noticed it was in Payday 2, where I thought I'd accidentally turned on some kind of 3D mode and was confused as to why it looked like ancient 3D without the red/blue glasses. It's probably still the worst implementation. It was kind of like how low quality ambient occlusion used to create weird black shadow halos around objects, only in Payday 2 it's color distortion that makes the game look like god awful Satan hell.
Another thing about it is that while it tends to be most noticeable around edges of objects, chromatic aberration is often applied across the whole screen, changing the look of everything, making all textures have this lowkey horrible blue-red filter. It shifting colors around and arranging them into these sort of overlapping semitransparent lines is what causes games to look like blurry, fuzzy, smeary unfocused messes. Looking at images of games with CA enabled often creates a feeling of it being physically unpleasant, at least for me, because it does make it harder to focus your eyes, or some such. It's almost always actively irritating and ugly. At best.
I don't like it.