I do have this tool, but most of the time I don't need it. When I'm fitting a chainring, I put the bolt into the back and hold in place with a finger, then screw the top bit on. As it gets tighter, the 2 parts will pull together and I do the final tightening with just the allen key, no spinning and no chainring tool needed. Same for removal.
But of course, when you do need it, it's very useful
Oh and that "centre the ring" thing doesn't work, at least not with good quality parts, which should fit together exactly, with no slop.