I love the tow haul mode on my 99 Tahoe. I'm towing a 7000 lb trailer and the trans needs all the help it can get.
It shifts later so that in case you give it more throttle, it won't instantly re downshift. What some don't realize is that with T/H active, you can give more throttle than normal without a downshift or torque converter unlock.....the main function to prevent heat. It is also nice to have lockup on decel and have the negative engine timing slow you down.
Some may say, oh you don't know what you are talking about.......pre 2000 did not have T/H button.
In my case I have a 2001 computer (0411) swap with custom tune EFI Live and enabled the T/H option, and waaaay too many mods to list.
I even pulled over on the side of the road on my first trip towing my TT so I could enable lock up in 2nd gear and reprogram shift points and lockup points. Flashed the computer with the laptop and tried it out. Now I always travel with the laptop incase I need to make changes to the tune or shift points.
I guess you could say I have experience with T/H mode, I have been a master ASE tech since 91 and worked at a transmission shop for 4 years..............
If you tow, use T/H mode !