Understanding how many hours a discrete task tasks is helpful, and understanding the overall time a PM spends managing an individual project is as well. Both of these are natively supported already. We also have meetings, internal or with clients, to discuss the progress for overall programs and portfolios where we want to record that information against that program/portfolio but not necessarily any particular project itself.
I have workarounds with dummy projects/tasks, but it would be nice to have it natively supported as well.