It's not "literally useless", you're just very cynical and unimaginative.
For sure, I might want to read normally as well but I seriously think this could help you study something.
Let's say you're studying something that you don't care too much about but you want to cram all the terminology, all the lingo and all the other crap into your head you could easily do this Spritz thing for a while in addition to normal reading.
Practiced for 20 minutes and 700wpm is easily achievable unless you are boby da slow brayn.