Do such efforts bring value to gaming or are they more of an academic exercise?
Neither? Speedrunning is entirely nihilistic. It rejects the rules of society to the point of rejecting the rules of games themselves in favor of meaningless tantric repetition. It's the eternal pointless chase for a meaning that was never there and never will.
I find it fun and dreadful at the same time, as a concept, I would never do it myself in a million years.
In short, it's an artistic performance.