I'm using an Omega D-II with an Aristo Hi-D head, V54 tube, and a Metrolux compensating timer.
If your cold light head has a separate heater circuit and you allow it to warm up before using it, then you won't notice a huge difference with a compensating timer, but you will see a slight improvement in consistency, and you'll be able to get consistent results even if the head isn't warmed up and with shorter exposure times. Consistency will go from "pretty close" to spot on.
If your cold light head doesn't have a separate heater circuit, you'll notice a very significant increase in consistency with a compensating timer, unless perhaps you leave the light on all the time and use a shutter or a black card to control exposure time.
For a compensating timer to work, you do need to install the photocell probe.
If your enlarger output and timer are spot on, it's easier to use very short exposure times for production printing, or very short, precise burn/dodge times. If I want to do a run of, say, 40 postcards, four-up on 8x10" paper, with an exposure time of 3.6 sec., for instance, I can expose them one after the next and develop them all in a batch and be confident that the first one will look just like the last one.