When I was younger I carried a four-blade scout-style Imperial demo-knife clone.
I used the punch to make holes and for those things you shouldn't do with a sharp blade.
I used it as a punch (awl), scraper, mini-pry, and a nearly-flat Phillips head screwdriver. When I started carrying a single-bladed gent's knife I got out of the habit of using a punch.
When I started carrying a Leatherman, I found that both the small screwdriver and the can opener can be used in that role. Also the pliers can hold a pin or nail (or, hey, even a paper clip) to make holes in things. I don't do that very often, but it's definitely handy when that infrequent need arises.
I now carry a SAK in addition to the Leatherman, and it has a genuine punch/awl tool, but it's mounted mid-frame and deploys perpendicular to the handle, which is fine for simple & straightforward makin' holes, but reduces its usefulness in the "improvised whatever" category, so there are some things for which the can opener gets used (e.g. scraping) that the mid-mounted punch just can't do. I can still clean my nails with it, but most of the deliberate misuse improvised applications are thwarted.
I've started eying the stockman pattern knives that have punch blades instead of (or, occasionally, in addition to) spey blades because of that. Don't need it often, but I hate using a good blade for random punch/scraper/lifter things for which a punch blade would be fine.