Definitely a high usefulness-to-complexity ratio. But IMO the core advantage of Make is that most people already know it and have it installed (except on Windows).
By the time you need something complex enough that Make can't handle it (e.g. if you get into recursive Make) then you're better off using something like Bazel or Buck2 which also solves a bunch of other builds system problems (missing dependencies, early cut-off, remote builds, etc.).
However this does sound very useful for wrangling lots of other broken build systems - I can totally see why Buildroot are looking at it.
I recently tried to create a basic Linux system from scratch (OpenSBI + Linux + Busybox + ...) which is basically what Buildroot does, and it's a right pain because there are dependencies between different build systems, some of them don't actually rebuild properly when dependencies change (cough OpenSBI)... This feels like it could cajole them into something that actually works.