I do a lot of band work at home. It is convenient. It is a great for extra volume. Band work is progressive from an intensity standpoint. Progressive resistance trains the CNS to produce rapid rates of force development during the lift. Great for developing explosive strength.
When i am at home, I will do dimel deads, tricep push downs, rows and a few others for 20 minute mini-sessions in between my training days.
From a bodybuilding standpoint, they may be less useful. I cant speak to its effectiveness there. But it would have to fall into the "something is better than nothing" category.