EDIT:
Another area where this approach is beneficial is with a multi-tenant system where larger tenants querying more data could have a much more significant performance impact than other tenants on the system.
Time of day/week/month usage spikes can also cause a performance degrade for everyone even if it's not typically stressing the system.
This approach is just a mitigation to prevent the system from getting overload during those times. It's not the right approach for every situation. Just a spin on the Circuit Breaker Pattern.
https://en.wikipedia.org/wiki/Circuit_breaker_design_pattern