If you're in a startup with shares, I guess it indirectly does.
Either way, having engineers focus on more stimulating projects has its own intrisic value for the engineers themselves. Additionally, it reduces the likelihood of burnout because whether the business needs to know how much is automated is up the manager, as long as the team is delivering the agreed tasks by the deadline, the business doesn't necessarily need to know that the team had some slack. It's these slack moments testing, refactoring, and experimenting can happen - things often downplayed by business until stuff hits the fan.
Either way, having engineers focus on more stimulating projects has its own intrisic value for the engineers themselves. Additionally, it reduces the likelihood of burnout because whether the business needs to know how much is automated is up the manager, as long as the team is delivering the agreed tasks by the deadline, the business doesn't necessarily need to know that the team had some slack. It's these slack moments testing, refactoring, and experimenting can happen - things often downplayed by business until stuff hits the fan.