It seems like this has mostly fallen out of fashion. I wonder if eyeballs on code not on a screen might have been useful in spotting bugs?
Though sometimes I do prefer to read offline altogether, but it's probably been something like 5+ years since I last printed out code to review away from my desk.
Was it more useful for spotting bugs? Maybe some kinds of bugs. If all you have to look at is the printout in front of you, you might be inclined to read and think about it more deeply than you might have otherwise, with the full capabilities of your computer at the ready. On the computer, I might more easily focus on, Does it compile? Does it run? Does the output look right on the screen? But when all you have is the code, my thoughts might tend more toward, Does this theoretically make sense?
Instead of objecting, try it.