I'm afraid I totally disagree. Saying "Continue Approach" supplies just as much situational awareness to other crews on the frequency as saying "Continue to Breath". Other crews are totally clueless about the position of this particular aircraft other than it's "out there somewhere". If you want to say something meaningfull that also increases situational awaressness fot other crews, say "report passing xxx(fix) or xxx (dme) and include a landing number, that way other crews know that the aircraft hasn't passed that particular fix yet. If you can't issue a landing clearance yet, don't say "continue approach" but say "expect landing clearance on short final". Keep the pilot in the picture and don't say things that are obvious. The pilot will continue his approach until otherwise instructed, you don't have to tell him that !!
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When switching from Approach to Tower, I often hear the phrase "Roger Papa Charlie Papa, continue approach". What a load of ole crap and waste of effort and breath that is. Unless flying a helo, there's not much else I can do buddy !! In my opinion the "continue approach"-instruction is just a way of buying time but it makes no sense at all.
Saying "continue approach" contribute to situation awareness of other crews on the frequency. Also, surface wind could be stated at this time to make forthcoming landing clearance shorter. However, when ATCO is short of his breath, "continue approach" is the first thing to omit.