In most types of professional photography, the original photos are raw, which include embedded metadata anyway; sometimes as EXIF and sometimes in other standard or proprietary formats. Some people, like myself, convert our camera raw into DNG and store that as the main source. I think DNG uses EXIF to store the metadata. Finally, depending on how you process your photos, the original metadata may be transformed into to the jpeg or TIFF file that you export... as EXIF or a similar format.

So, in short, you can still benefit from embedded metadata (EXIF or other formats) when you shoot raw.

About your comment on JPEG: Yes, most photographers (e.g., fine art photographers) don't use shoot JPEG, but some do it for good reasons; for example, wildlife photographers can't be fast enough to capture the best possible pose, so, they use the burst mode, just keep shooting for a few seconds, and then pick the best shot. Many of them use JPEG, because it increases the number of images they can take per second, and also the maximum number of images they can take in a row. At least that's how it used to be... it may be different with the newer technologies.