I find embedding really useful even for non-embedded systems, and *particularly* for heavily modular kernels in which you must load modules from the initramfs just to mount root.
The problem with a non-embedded initramfs is that it can get out of synch with the kernel it goes with, especially if it has modules in it. So you might find that you preserve your kernel for future use in case of emergency but, oops, it's useless, it has the wrong initramfs and won't boot. With an initramfs linked into the kernel image, that is completely impossible: the kernel is a single self-contained file again. And that's a very valuable property.