It does help to achieve all of these things at ease:
Managing multiple virtual machines.
Create checkpoints, backups.
Ability to enable dynamic memory on the selected machine, alternate between dynamic and fixed memory.
Control the amount of virtual processors, limit processor usage.
Setting up and modifying hard drive size, ability to use dynamic sized HDD.
I have been using this software for over an year and thus far did not ran into any annoyances.
If you're running a software development process that requires multiple different on premises environments either at the same time, or if you need to switch between them quickly, hyper V helps to achieve the required result really quickly and easily.
Using different development environments, quickly switching between them, creating checkpoints resuming previous state before executing experimental operations.