Yes, there's a benefit.
Here's why:
Distributor indexing explained
For clarification though, that's not a cam sensor inside the Renix dizzy. It's there to fire the injectors sequentially with the firing order. You'll never notice if it went bad because the ECU will try to "guess" where it is and does a heck of a job at it.
As for the "timing", it is controlled by the ECU. Ever notice how wide the tip of the rotor is? Try and wrap your head around this:
When the ECU yells "Fire" to the ignition control module, where is the rotor in relationship to the dizzy terminal? Not to the terminal yet? Past the terminal too far?
What happens to the spark/secondary ignition strength when it has to jump the Grand Canyon in comparison to shooting from a rotor tip?
Tip 13 gets the thing right. Use Tip 12 first to guarantee you're on #1 TDC.