It helps with the prevention of filter bypassing, and reduces load on the oil pump. Both of these things are prioritized on race engines. Sometimes race engines even have no oil filter bypass at all, in order to limit damage when the engines fail.
What the oil filter bypass valve is set to is part of the design equation. The bypass valve setting (if done correctly for worst case senario) should take into account the flow vs dP curve of the filter, and not allow any filter bypassing with hot oil, even at high RPM.
Do a hydraulic HP to mechanical HP calculation, and you'll see the difference in pump load is basically nothing (like less than 0.1 HP at high RPM) when the dP difference across the filter is only a few PSI. At normal cruisng around RPM, it wouid be so near zero that any difference could never be detected.
Any race engine that uses an oiling system with the filter bypass valve gone or disabled (like the GM "hot rod" guys use to do by blocking the block filter bypass) better be using a pretty low dP vs flow filter, or make sure the oil is fully warm before going nuts on RPM. Some of those guys imploded the oil filter because it couldn't bypass, and that in turn could possibly send debris into the engine ... it can be a risky mod.
Also, the oil pumps on some engines are in pressure relief at high rpm even when the oil is warm. For these engines, less restriction results in more flow and higher oil pressure at the bearings.
Only those with insanely high output oil pumps, like those over-designed Subaru oiling systems. lol. I still don't really believe they flow that much oil in real life use, but that's another subject matter. If they did flow that much at high RPM, the sump would literally suck dry and the pump would suck air and starve the engine of oil flow.
Even on a stock street car, there are filters that are twice as restrictive as the BOSS and they'll hit bypass pressure even in some of the intended applications.
You're probably again talking about the crazy oil pumped Subarus. Even my Z06 oil pump only flowed around 7 GPM at redline, and no oil filter used on that engine would get close to bypass, or make the pump hit pressure relief when the oil was at 200+ F.