It depends on what you were doing previously. And it also depends on how you implement it - doing it well relies on buy-in from anyone touching the dev team in

It depends on what you were doing previously. And it also depends on how you implement it - doing it well relies on buy-in from anyone touching the dev team in any way. So, yes it can offer benefits, for some companies, if done well. Just renaming managers into product owners and renaming hour long meetings where you explain yourself to the manager "stand-up" is not going to get you anywhere. Doing it right involves significant change to process with no-one trying to circumvent it.