A good press can quickly produce back-court turnovers, steals and easy baskets for your team. So it is an offensive weapon as such, and a way to come from behind, or a way to break open a close game, and a way to wear down a slower, less well-conditioned opponent.
It may help nullify the opponent's "bigs", who may labor to get up and down the floor. You can turn the game into a track meet, rather than a slow-down game that favors the opponent's big post players.
The press keeps the opponent off-balance, changes the tempo of the game, and often has the opponent doing things they don't normally like to do. It often forces the opposing coach to use valuable time-outs. It favors a well-conditioned team with a deep bench, and with more substitutions, allows more of your players to get playing time.
Disadvantages of a Press Defense
A fair amount of practice time is required to develop a good, effective press. Also, remember that any press is a gamble. You risk giving up an easy transition lay-up, and you have to be able to live with that.
You need a good bench as fatigue can become a factor, and players may be more apt to foul and get into foul trouble. You might want to press only in certain situations (e.g. after a made basket), or certain times of the game, as a surprise tactic.
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Teach your team how to break a press.