As Andy says (I think), and imho, STW is perhaps best viewed as more performance-orientated data?
Integrated via a system like tacktick, or BnGs performance sailing instruments (Nemesis, Triton etc) and with accurate boat polars, and with experienced crew/tacticians STW is very useful indeed. Another of those racing "arms race" type "must haves" if your class allows it.
On a more practical, and in my case more realistic note (I flirted with BnG Triton, but realised that regardless of cost, I dont have the crew to use it effectively! Of course, I have no polars either)....the Raymarine/Airmar transponder can do 3 main functions, speed TW (paddle wheel), depth, and fishfinder type sonar...and temperature too! Downside is that sensor alone is £250 ish. Wiring easy enough, but fitting a new unit thru hull much harder. Luckily Airmar sensors seem to be widely available, and not as subject to "planned obsolescence " as the head units?
It gets clogged with SW beasties and crud after about 10 days afloat, and therefore needs cleaning weekly. The optional blanking plug, to fit in hull while cleaning the sensor was £40! I'm too wary to rely on the very flimsy integrated "flap valve" to keep me afloat!
I abandoned my integrated plotter/sonar/depth/wind instrumentation when it needed a new mast head wind sender £500, and while considering this the main processor/display unit (non serviceable item sir) at £1500 also failed. Within months, the tridata S/T/D/sonar sensor also failed....luckily...I had not decided to replace/repair.
Hence no more integration, but i still have STW and SOG fwiw....
My main use of STW is now limited to assessing sail trim changes, it seems faster than GPS and perhaps more accurate over a short time frame?
I don't think I'd bother to cut a hole thru the hull just for this....