I have done some cad modeling of railroad equipment in SolidWorks. I see it as another approach to modeling in addition to building physical models. Visual perception is a big part of the physical modeling objective, and that same visual perception is fulfilled just by photographing the prototype. The visual perception can also be achieved by solid modeling in cad.
By capturing the entire physical characteristics of a locomotive in a 3D cad database, the best possible images can be produced from that data for the enjoyment and understanding of the visual experience. Lighting, color, and perspective can be controlled with the utmost precision. A locomotive can be cross-sectioned to show what is inside. It can be exploded to show every single part. So, in a way, the cad model provides the visual experience of a static display physical model with some additional capabilities.
The cad model also preserves the design of a historic piece of equipment that might or might not exists as a preserved artifact. Of course, if the artifact is not available, its dimensional data must be available in order to make the 3D cad model. Also a side benefit of the cad model is that it can be used to build a physical model. It can either generate engineering drawings that can be used to build a physical model, or it can directly create models by inputting the cad data to modeling machines.