For me, this is a top 5 EU4 DLC no question - but that's because I like playing around with custom nations and randomized new world setups. Even if you don't care about that, it adds events for certain new world playthroughs - I got good value out of this during a fun Inca run.

This DLC is often regarded as regional dlc that is built around colonization. Yes this dlc has a lot of features for Americas, but it also has essential features of support independence. Without it is almost impossible to play as vassal or lesser partner of PU. You can get this essential feature in Conquest of Paradise, but in this one you can get other great features (but not as esential as support independence) as changes in America and nation designer. Support independence should be in base gase as it is almost gamebreaking to play without it in current state of a game.

This and the new Golden Century DLC can really add up and change a ton of things for colonizing nations and maybe push you to pursue that if you are a nation that doesn't traditionally pursue that. Nation designer can be fun too if you really want to change things up