There are few benefits. If you are returning back to base from a short distance mission, the regular warp"X" will bring you back over the base at around 6000 meters. You'll have to circle around the base few times, descending till you land. Using the time comp. you can just fly back at low altitudes.
The other benefit I see is if you are flying as a bomber escorted by friendly fighters, soon as enemy planes appear, friendly fighters will go after them, when you hit X after a certain distance, friendly fighters will reappear again on your tactical display. Realistically they would not be able to return back to formation so soon. Using the time comp. you can continue heading towards the target without escorts, as realistically they would still be busy engaged with enemy fighters.