It can be quite dangerous, yes.
The biggest benefit of the new features is the ability to create named functions that can be reused. Which means I can write it once, debug it, put it in a commented text file in a GitHub gist, and then rely on it in the future. That's a lot better than copying some huge, unreadable formula across hundreds of cells.
This can improve the readability of existing spreadsheets. It can also be used judiciously to add nice features that still make sense in spreadsheets. I implemented a function for cubic spline interpolation of data, for example. Doing that directly with formulas would be a nightmare, but it's pretty clean with the named function.
Somewhere a little more sophisticated than that is getting into danger territory. It's tempting because the people I work with love and understand spreadsheets but are less comfortable working with traditional programming languages. I am comfortable doing "real programming" and prefer it due to a mixed background. My manager thinks spreadsheets are overused. But spreadsheets are what most of my coworkers know, so they're what we use in practice.