While the effect no doubt varies with individual, there has been a significant amount of studies suggesting that there is some link between bright light in shorter wavelengths (so blue end of spectrum) and melatonin suppression, and in turn circadian rhythms [ex: 0, 1, 2]. If you live near the equator with consistent sunrise/sunset year round artificial light management may be less of a concern to you, but the further you are and the more seasonal variation you experience the more helpful it may be (and is for me) to have lighting throughout home/work that can help maintain circadian rhythm as desired. "Sunrise" into bright white/blue in the morning and day, then slowly changing into dimmer, redder light as one approaches the desired time to go to sleep. YMMV of course but as someone in tech who had decades of difficulty in maintaining a normal 24h cycle in the northern latitudes, heavy light brightness and temperature control has been a very significant improvement in my QOL and I never want to go back.
Of course, some people just enjoy having fun with lighting as well, for parties and mood and such. "Painting with light" can be interesting by itself. But for me the practical advantages have been significant value for the cost, and without any need for any kind of drugs or other mechanisms.
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0: https://www.webmd.com/sleep-disorders/sleep-blue-light
1: https://www.health.harvard.edu/staying-healthy/blue-light-ha...