It's definitely a better experience than just jerking off with your hand. I see the most significant benefit in that my orgasms are more intense with a wanker than with just a hand and there is not that “bruised” sensation afterwards from squeezing your penis too much. I had a trouble when I started having sex with my gf’s because it took me a long time to begin to enjoy vaginal sex because i had been so used to my hand. I bought a fleshlight after my last breakup so I don't have to resort to jerking off with my hand again.
If you are a virgin who wants to have a glimpse of how being in a real vagina feels like I would definitely recomend trying it.
I also see it as a perfect tool to explore your sexual fantasies. If you have a wild imagination and a bit of creativity, wanker is very good for that. For example the cold sensation could be a good base for “having sex with the Ice Queen” :D