It’s still highly readable but also much much easier to write and modify.
Though I am biased because it’s also how I used to write SQL back when PL/SQL was my day job. Albeit I fell into this design because it proved to be the easiest way to write and maintain readable code.
The benefit is how quickly an experienced programmer can accurately isolate portions of logic and understand / mutate them.
It also achieves that in monochrome, which is likely to be the case when an SQL query is in a shell script's <<< HEREDOC or in a string blob in a log file or source code for another language's compiler.
It’s still highly readable but also much much easier to write and modify.
Though I am biased because it’s also how I used to write SQL back when PL/SQL was my day job. Albeit I fell into this design because it proved to be the easiest way to write and maintain readable code.