I would argue that it's a poor choice, as is having two knobs for what should be a simple one-dimensional function. Let's look at the gain curve (in green) that results from using CA's algorithm...
So rather than the control giving 50% wet + 50% dry at mid-point we end up with a signal that has twice the amplitude of either wet or dry (assuming that wet and dry have more or less the same amplitude and there's no significant phase cancellation).
So we get an undesirable 6 dB increase in volume at mid-point. I don't see how this is useful when we just want to blend wet and dry.
In contrast a linear crossfade results in a gain curve that's flat all the way across the control's travel.
When panning we don't generally use linear curves because the mix isn't happening via perfect summation, rather it's occurring in a complex physical space where our ears, speaker angles and room acoustics have an impact - so there are various compromises with regards to things like the hole in the middle and mono (although mono reproduction is obviously far less relevant in modern times). But in a crossfader we are effectively dealing with an ideal mono mix so linear curves make the most sense,
Although one could also argue for exponential crossfading - which is what we would get when doing a crossfade on a mixing console where the faders have exponential responses. But CA's curves are effectively crudely logarithmic in shape rather than exponential.