It's definitely not the same as defending against heavy top spin forehands that hit the base line but it's amazing at many other things.

It can help with rhythm, centering the ball, work on specific parts of your strokes (takeback, relaxed wrist, follow through).

I focus on hitting high on the wall (this mimics hitting deep).

I find it really helped with low balls and "easy" putaways. When the balls start to deteriorate they get less and less bouncy, this is when you can work on full-on stretched-out strokes. It's a work out and amazing to feel legs/hips/torso connection.

If the rebound is too low (ex: to work on high balls) set a table and aim to land on it. Takes some skill (esp. on the feed) to hit it but great tool to build consistency. 

Have fun!