Or is it just one of Phil's balls in my throat?
This is beneficial in the same way that Unreal Engine is beneficial, especially for smaller developers. Less time to make their own engine (in the case of UE) or upscaling algorithm (in the case of FSR 2.0) now and more time to focus on other aspects of product development.
Additionally, I'd be pretty hard pressed to believe that MS (and Sony as well) didn't at some point take FSR 2.0 into consideration when choosing their hardware designs considering they were quite adamant about being fully DX12U and RDNA 2.0 compliment. FSR 2.0 would be another example of "the tools are getting better" trope I see here so much.
Well, on MS's part FSR 2.0 will be added to the GDK so developers making Xbox SKUs will have access to it as part of the development kit, so integration will be a tad bit easier there.
But let's see how it effects things in real world scenarios. It'll be interesting.