My thinking is that it would be useful for using tiddlywiki in distinctly untiddlywiki-friendly environments.  It would be more of a “convert to and use”; rather than a make changes and convert back to; I mean if one did make edits, one could always re-export the other one out of tiddlywiki and diff the files against each other to see the changes.
So for instance, maybe one is at a job; or one is working as a vendor; and doesn’t want the customer to see the contents; it could be stored in an encrypted volume or in password-store or something.  Or say you’re on a headless server somewhere and there isn’t another way to serve the content.
I think these would be use cases for this.
As for macros and such, maybe those could be handled by having a Javascript function that is called to create the text-only output.  And maybe the base-64 string of the image could be stored and used elsewhere if an image needs to be seen.
One would definitely have to plan in advance if using the simplest content or make modifications or alternate tiddlers identified with tags or special fields containing the name of the original tiddler or something.
I’m just spitballing ideas, I haven’t really done much development of TW5.