If you have a CD/DVD player in your computer you'll get more flexibility just copying your music files into a directory. Itunes limits you to using Apple playback products.
Depends on how and where you store, play and listen to music. iTunes is a music library and playback application and the music files can be accessed in directories and moved as needed in standard formats. Clearly, it is functions best as part of an Apple ecosystem which for many makes access and playback seamless across Apple devices. There may be better audiophile playback applications, but for those with iPhones and iPods and Macs, it is a no brainer.