I used to make B&W contact sheets, but don't routinely bother now, as I can, at least for my purposes, judge from the indexed negatives what I need to scan or print.
I can understand lost pictures being "rescued" from contact sheets, but the quality is only going to be as good as the (tiny) print image. Remember also that a contact sheet made the analog way (i.e. not scanned) is going to be made with an "average" print exposure for the whole film, no corrections for contrast or density.