extended release are just two doses of the drug where half the beads are delayed by ~4 hours. How is that different from taking two edibles a day and claiming full day efficacy?
I mean the difference is that you just take one in the morning? Which makes adherence easier, makes sure that the delay is constant rather than variable, and reduces abuse liability.
(As an aside, there are more complex extended release mechanisms than just delayed bead release - like lisfexamfetamine is a inactive prodrug, so cleaving the lysine off the amphetamine is rate limited. This has the effect of extended the duration of effect, and reduces the potential to abuse by snorting/iv/etc).
That's not the case for lisdex nor Concerta methylphenidate. Some generics work that way and they're generally regarded as being worse than Concerta.
The benefit is that the medication automatically produces a smooth effects profile allowing you to live your life without timing medication to perfection.
A pronounced come-up and crash is a risk factor for abuse and addiction, so smoothing or removing the peaks and valleys is important.