An important distinction for sure. For exams in general, IMO, practice tests/old exams from previous years allow one to simulate test conditions and improve one's ability to perform under those conditions.^1 This can be especially useful for short answer/essay type questions. It is not uncommon to see question re-use or at least similarity of questions from year to year, but a useful part of the exam preparation process, for me at least, is deriving the answers for onself.
1. Those might even include answers written by previous test-takers. Memorisation of such answers would be futile because the questions change from year to year.