Image stabilization is of immense value pretty much whenever you take a photo not in bright sunlight. Any kind of indoor scene benefits from it.

This is independent of any low light modes and does not require second or longer exposure times.

It‘s also limited in that it can’t stop action (meaning if someone moves fast they will still be blurry, though at least their background will be sharp), for that you need sensors where you can really crank up the gain and that‘s not really realistic on any kind of smartphone sensor.