Serrations do a couple of things for knives. You get more edge in a fixed length of knife so cuts have some greater efficiency. You get the points that tear tough things allowing the cut to progress. The points also protect the curved edges. The points dull, but the curved edges don't contact the dulling material (plates, boards, whatever) and so the they stay "sharp" longer.
Serrations can't chop. They don't cut through anything against a board without a draw stroke to complete the cut where the serrations gap against the board.
For my own use, bread knives only. Not even for tomatoes.
If I ran a restaurant, I'd want serrated steak knives for the customers as they will need less maintenance, though the maintenace they do need will be more involved when it occurs.
If I cut a lot of fibrous material, serrated knives would be preferred. Ropes, gunny sacks, or such. But for what I actually cut most of the time, I don't like serrations except for bread.