A TPMS will warn you of a tire losing pressure and allow you to get off the road or to a tire shop before damage occurs. It cannot give advance warning for a blowout. But it will let you know that the tire did blow out so that you don't keep driving and ruin a wheel before you realize it.
I have never even had a low tire. But it is definitely worth the peace of mind while driving. People say they don't need one because they always check their tires every time they stop. But tires don't just conveniently lose air for you at rest stops. If you pick up a nail leaving the last rest stop and don't stop again for another 100-150-200 miles, you have no idea that the pressure is dropping without a monitor.
TST 507 here.