[TheBigRoomXXL]

More generally it protects against anybody who has access to the database, including bad actors if it's leaked.

I don't think it protects against timing attack because the common way of doing it is just to use sha256 and use the resulting hash to do a lookup in the database. This is not a fixed time operation

[GoblinSlayer]

Suppose you used the timing attack to recover the hash of a token, now you need to compute a preimage of the hash.