I trade a lot of coins during a bull run and during those times I use it to make sure if I lose the track of a few coins, I don't end up paying it with my wallet, at least not by too much.
Lots of traders often criticize stop loss function because it takes away the possibility of recovery but I don't know if even 10% of coins that go down ever recover unless a certain Elon Musk is sitting behind to help it.
It depends on what I am actually doing. If it is day trading, then I think stop loss is very important to use in a situation like this, so that you’re not going to be running the risk of losing so much money while you’re trading. As for whenever I am HODL’ing, I don’t really bother about making use of stop loss. But I think you still have to put some things into consideration in a case like this , like for how long you’re going to be holding. If I plan to hold for a very long time and I have it in that I want that coin to reach a particular price before I am ready to sell, then I don’t see the need for it.