I've never owned a boat with a rudder position sensor/indicator, other than a tiller, but I can see it being useful just as a centering mark of some sort on the wheel.
But if not correctly installed and calibrated it can drive you nuts under sail.
We had a bareboat in the BVI with lots of cool electronics on board. I had a heck of a time getting the sail balance right on both tacks, it always took more rudder displacement on the indicator on one tack than the other to maintain heading, no matter how much we fussed with sail trim.
At the first anchorage I centered the rudder on the display and frictioned it down. Into the water and under the stern I could see the rudder several degrees to one side. I had someone on deck verify that the indicator was still centered.
I had them release the friction lock, I centered the rudder and had them lock it down again. I marked the new center indication with a pencil and sail trim made a lot more sense after that.
On our 310 the tape on the wheel works just fine.