Great read @alexs1320
In normal daylight photography, the capability to capture high dynamic ranges is a nice to have feature. But there are many more factors that impact the image quality. The part of the camera that has also a very big effect on the quality is the lens.
The dynamic range plays a role if you get in special areas of photography. For me this range is astrophotography. And the dynamic range is very important. The bright stars and the faint nebulas are something that is really hard to handle for a sensor. An also important thing in this dynamic range discussion the way how the data gets digitalized. Beginner cameras offers in most cases only 12 bit sensor read out. The signal can have 4096 different vaues, which is not very much and won't be enough to map the dynamic range, even of this sensors. Most mid-priced and high-priced DSLRs will digitalize with 14bit, if this is set in the settings. So there are 16384 different values possible. The dynamic resolution is 4-times higher than with 12bit. Better are 16 bits, which will only be available in very high-priced cameras and cameras for special use cases.
But long story short... Very much people are shooting in jpeg and are not using the capability of 12 it or 14 bit raw files for postprocessing. In jpeg mode the overall dynamic range of the whole picture is mapped in values between 0 and 255. So for normal user that only want to make snapshots, the dynamic range doesn't matter very much. But it comes into play when you will photograph more professional, in a special field or if you want to get the maximum out of your picture with postprocessing. Then, the more dynamic range the sensor can capture, the better. But always turn on RAW mode with 14 bit and no compression.