For Junior developers if helps, mainly because the most experienced developer can explain the coding mindset and codebase gotchas.
Having said that for rapid prototyping things that require a lot of knowledge in different domains, getting two SMEs in one room writing code without interruption can work well...for me. You can't force it, you can't mandate it, you can't expect it. Developers would do it themselves.
In my case, if I want to work on something complex and new, and I know part of the domain but not all of it, having someone that knows the other side can make things go much much faster. Replicating or adding little features I need to be left alone and just do the work.
I've found that even for devs who are completely against, which I was one, can come around on pairing given the space and time to succeed.
It probably sums up to 2-4h per month. I wouldn't want to have it be obligatory or mandated. We use it as a tool when we feel it's useful.