kelvray, since I played music on Bourbon Street in New Orleans as my way of paying my college tuition, I was up on progressions.
Knowing them meant that when our guitarist, who was also our lead singer, said "We are playing 'What I Say' - 1-4-5 in F" - it didn't matter if we knew it. We could fake the accompaniment if we had heard the song just once because we could get the rhythms and breaks. So as a musical tool, it was important.
While I met some really questionable people during my time on Bourbon Street, some of them of highly questionable gender, I still wouldn't change the experience. Because (a) I finished college with no student loan debt and (b) I met a bunch of interesting people who, like me, were just trying to make an honest dollar.
When you get to classical music, you see more complex chord structure. However, some older hymns derived from classical music retained some of those progressions as a simplified version of their original source material. Those hymns are at least contributory to modern simple ballads and their progressions.