Another value add is that theoretically agents should trigger skills automatically based on context and their current task. In practice, at least in my experience, that is not happening reliably.
For context window management, skills shine when you need progressive disclosure - load only the metadata initially, then pull in the full instructions when invoked. This matters when you have 20+ capabilities competing for limited context.
That said, the 56% non-invocation rate mentioned elsewhere in this thread suggests the discovery mechanism needs work. Right now "skill as a fancy command" may be the only reliable pattern.