Take a dental clinic where most leads come through a booking form that already collects email and phone. Enhanced conversions hash that first-party data and match it back to signed-in Google users, which recovers some conversions you'd otherwise lose to cookie gaps and consent. The cost is setup. The fields have to reach the tag cleanly, either directly or through GTM, and the thank-you page has to expose them. Reported match rates often look modest, and when they're low the bidding lift is usually small too.
My view is that if the form already captures clean email and phone, it's an afternoon of work and worth doing. If the data is scraped from a messy form, fix the form first. Bad match input just adds noise to a signal you're already reading imperfectly. Has anyone seen a real change in conversion counts after turning it on?