Whoops-- this was a draft I didn't intend to post in this state. I must have fatfingered the "reply" button somehow. Alas, too late to edit or delete now.
Cloudflare cuts down on the noise, but also helps does the work of preventing scrapers, people who re-sell your site wholesale, and cutting down on the noise also means cutting down on the cost of network requests.
It also can help where security is lax. You should have measures against credential stuffing, but if you don't, Cloudflare might prevent (some) of your users from being hacked. Which isn't good enough, but is better than no mitigation at all.
I don't use Cloudflare personally, but I won't dismiss it wholesale. I understand why people use it.