1) The GR is pretty much frozen... Only the "old" users can add to it. Still a good source for old stuff.
2) AFAIK they are mostly used to save selections and layer masks. Select>Save to channel is very much under-used by people IMHO,
in particular when doing complex selections.
3) You can select by other criteria than a blend of colors. For instance you can select by value to get a dark background, even if it contains several colors, or select by Hue i you have a red flower over a green background. This lets you use a rather large threshold to get all the red without risking to include green.
4) The path is only an approximation of the selection mask. So you lose some info there, and lose some more info when doing the Select>From>Path. In addition you can have partial selection (the grays in the selection channel)(*) that the path will not preserve, since the path is really the locus that separates pixels with over 50% selection from those with under 50%.
(*) Selection and transparency are really the same thing. Basically, what you do is applied to a complete copy the layer, then the selection is applied as an opacity mask to the result, and that result is merged into the original channel. Fully selected pixel are completely covered by edited copy, but partially selected pixels are a blend of the original version and the edited version.