The feature have its value. I always play it ON. Simply because while making a network inevitable will be necessary to destroy parts of the city to make tracks and depots. If this feature is turned off the area will never recover. Also I think its good to have changes in the city, because that brings more challenge, as you need to keep changing the routes to accommodate the new buildings. But some ppl don't like because: it will completely reconfigure maps that was made based on real life cities, it can transform an industrial area in a commercial zone and some ppl just don't like changes and it will destroy landmarks.
Basically what people want is the city to grow spawning buildings outside and not changing inside, some don't like the challenge to change parts of the network that was already made. Also if you abuse the ruleset editor (which most do) you get a lot of changes in short time.
But the system can accommodate several needs, if you know what you are doing.
If Dynamic Growth is on and you set it to 1% the city will change but very slow. If you set this value to zero, the city will stop developing.
a) If you don't want any changes, disable city growth.
b) If you don't want development but you still want the city to grow in new roads, set the ruleset to 1. (Still some old buildings can develop, but very slow, while new roads will popup buildings)
c) If you don't want buildings in a particular road, build it without sidewalks (except for pedestrian ways that always have buildings on it. A bug in my opinion).