Breaking up a word into multiple tags is very different from inserting invisible extraneous content into the middle of a word. The latter is what I'm questioning the usefulness of; the former I can see as occasionally useful, but should be avoided when it breaks screen readers and search engines.
Take a modal for example - the text is not visible until the modal is opened. Let's think about menus that display on hover - they wouldn't work. What about tooltips or other sorts of floating label type things? What about other text that only appears on hover, or when some action is performed?
Sure, you could wait to insert these things into the page until the last second, but it would be less performant and complexity would be higher.
If you saw what the web looked like without display: none and visibility: hidden, I think you'd change your mind. There are infinite applications.