Backpacker,
'Normally' it may make a logical - if you ask & it's approved by ATC - alternative. However where lots of traffic it reduces your time to assess traffic & for others already in the circuit to back off to let you barge in.
On non-radio or advisory when say arriving for the Popham Air Fair, everyone is reminded to do the OHJ. It's hairy at times when folk disregard it - and they do - but the bulk of arrivals of all sorts of a/c speeds can & do slot in with adjustments made early enough to accomodate these matters.
OHJ may be flawed but it works when very busy, provided cleverer pilots don't decide to do something else.