It's useful as an upper limit. Sometimes the link speed isn't as high as a local system is capable of, and the link speed indicator tells you the best you'll be able to do.
A lot of modern hardware is gigabit for example, but not as many routers and switches are. So your gigabit NIC will connect at 100 Mb/s to the router/switch, and the 100 Mb/s link speed will indicate the best performance you could ever get out of that connection. You could in fact approach that limit for local transfers if you had another system connected directly to the same router/switch at 100 Mb/s. Going further, if that second system was only connected at 10 Mb/s (which would be the case for example for another computer that you're talking to through a 10 Mb/s Internet link or a really old NIC), then the best transfer speed you could have through the entire system would be 10 Mb/s.