This works fantastic for building furniture as well, where the absolute dimension doesn’t matter as much as all of the pieces having matching dimensions. A cabinet with drawers, for example. The story stick captures the spacing between the drawers, the width of the drawer, the slightly smaller height of the drawer face, etc.
It feels really imprecise the first time you set the fence on a table saw based on a marking on a stick instead of a precise specific value but the results are hard to argue with.
With carpentry in particular, it is extremely powerful to make multiple cuts at the same time -- set a fence once and then cut everything that needs to match at the same time, or stack multiple pieces together, or cut a board to length before ripping it into several pieces that need identical lengths.
Sure, check your measurements to be sure they're correct, but the more times you can cut based on the same measurement, the less measurement error can creep in.