The reason I want my detector to null out over iron is pretty simple - to let me know that something is iron. When I hunt trashy spots, I get a constant barrage of tones from everything in the ground - ferrous or not. If I hunt with Iron Mask wide open with no discrimination, 95% of all iron targets will give a high "coin" tone, so I would have to stop and look at the screen to see where the cross-hairs will read on the screen, sweep over the signal a few times, and then determine if it is iron or something good... since I would have to do this literally thousands of times, it would slow my detecting down tremendously. By setting up Iron Mask to eliminate an audible tone from iron targets, I will get a null instead and I won't have to look down at the screen to see where the target hits. I had tried hunting in Ferrous mode before to eliminate the high tone of iron targets, but I got too many other "high tone" hits that weren't coins... and iron bottle caps still read a high tone, so I switched back to Conductive mode.
Another reason to have iron null out is to tell the deep iffy coin hits from iron falsing. If you get a high tone reading that is deep, it will not lock on in one spot on the screen - it will bounce around, usually side to side across the top of the screen or up and down the right side of the screen. Silver coins like to stay to the right side of the top and iron likes to stay to the left side of the top of the screen... but when the signal is weak, it will wander to the opposite side of where it is supposed to read. By having iron null out, when you sweep over an iffy signal over and over you will get more nulling than "good hits" from iron, and more "good hits" than nulling from silver. This is a quick and easy way to determine a target's ID probability in the shortest time. You have to remember that the way I hunt and the places I hunt... in order to make the most amount of good finds in the least amount of time, you have to be able to process a lot of noises, nulling, changes in tone, pitch, and volume in the most efficient and accurate manner when you get thousands of signals in rapid-fire succession through your hunt.
I've hunted 25 years - mainly in trashy parks - and I just have it worked out to what is best for my style. I have had many people wonder at the amount of good finds I can make in trashy, worked out spots and I try to tell them that, above all else, you HAVE to waste as little time as possible trying to determine if a signal is worth digging or not, and spend more time covering ground looking for promising signals. It's like a sixth sense you develop on a subconscious level and having the detector set to null out over iron helps that subconscious decision making process as you sweep over one signal after another without end.
There is always time to rework the same spots digging more iffier signals each time, with a diminishing ratio of good finds to iron trash each successive time.
When you get a good high tone hit that only comes when sweeping in one line and goes away when you sweep different lines over the center of the signal, you could have falsing from iron trash, or a good target that has it's signal altered by being deep, on edge, next to trash, or in bad ground. When you can also listen for the threshold tone and nulling along with the iffy signal, you get a better picture of what you might have before digging. A "one way" good hit surrounded by mostly threshold tone will usually be a very deep good target, and a "one way" good hit with a strong null to one side of it will almost always be an iron target that is falsing off the edge or end of it. Sure it could be a good target next to iron, but there are other ways and tricks to sweep the target and process all the info you get for that "dig or no-dig" decision.
These are tricks that you can only learn with practice and experience, but they most often mean the difference between recovering a couple good items and spending an entire day digging a pile of 10" deep nails.
Sure I might miss the occasional good target, and when I was younger and had the energy and knees to dig scores of nails for every good target, it was justified. Now my detecting time is limited, and I want to make the most of it.
In the end, a metal detector is only as good as the person using it... and if you utilize ALL the information that it can provide you, it will
be more effective and your detecting will be more rewarding. Sorry for the long post, hope this sheds some insight on my stance

Take care and HH, Mike.