The primary purpose for formation flying, aside from keeping vessels at safe and even distances from one another and maintaining an orderly coordination of movement, is to evenly distribute defense and firepower. Specifically for our Division, I would say formation flying would be advantageous for coordinating Fleet Orders. For instance, in a Foxtrot 2 the primary support vessel would be at the lead of the formation and fire the Omega 3 on the enemy fleet. The secondary support and lead vessels in their placed in formation should ideally be in optimum position to proceed with their echo runs. There wouldn’t be any worry about which way each vessel would be approaching from as formation would have everyone facing the same direction. The would also help with the timing of each vessel’s echo runs or perhaps even allow simultaneous echo runs (though that would be more risky.
Also for Charlie maneuvers the concentration of firepower would be much more effective: essentially cutting through the enemy fleet to divide it and conquer it, or even keeping all ships in position to concentrate fire on the heavier vessels, such as the Torgoth Leviathans.
For defensive purposes it could allow the defense of allies to be concentrated and allow vessels to break off for interception as needed while allowing the bulk of the fleet to stay near the priority.
I think formation flying would be great to exercise not only for professional appearance, but also for multiple practical purposes.