Live bait rescues are sometimes used for setting safety in dangerous settings as in the Green Race.  They are excellent for retrieving unconscious swimmers as well.  They can also be helpful in foot entrapment rescues where you really need to work on manually freeing the victim.  The beauty of this approach is the ability to hold onto the victim and safely guide them to shore.  It may have some benefit in providing safety for unpinning a boat or freeing a pinned boater.  As always, evaluate your alternatives and make an informed evaluation of speed and safety.