I suspect they noticed a lot of people look at a profile, say "oh look an album", start clicking through and then decide they were done and go back to their feed. This design makes it more likely you will return to where you left off (without having to push back a million times) to finish reading the profile that you were already looking at.
Yes, the advantage you point out is valid. It just comes with a whole pile of downsides and I can't believe they would do that for that one minor use case. I was with a friend the other day who was getting so irritated that when I said "just hit f5" to restore the old interface she was so happy she made me dinner in gratitude.
The only other advantage I can think of is that the previous-photo button is more mobile-friendly.
You can't use apps, look at friends apps, or do anything else interesting.
Facebook has made itself a social address book, and dragged down everyone who bought into their "platform".