Tim, your comment "change the transparency or opaque-ness of the Current Layer" really describes the operation of Blend If. The complexity comes from whether the change is based on the values of the current layer or the underlying layers before the adjustment is applied. If you use it in "Underlying Layer" mode then its practical impact is no different from applying a pixel based luminosity mask to the adjustment before making changes to the adjustement.
In "Underlying Layer" mode the changes made by the layer with Blend If settings have no impact on the "transparency" of that layer, only the values in the current state of the image before adding the new adjustment.
I use Tony Kuyper's TK9 masking plugin (disclosure, I am also one of the beta testers of new versions). This includes functions for making use of Blend If simpler, much like the F64 Blend If panel. One of the options is to display a colour overlay of the areas of an image that are impacted by Blend If settings. I have just done a test of creating a curves layer with some Blend If settings. If I display the colour overlay and then play around with the curve the overlay does not change. If I add another curves layer with its own Blend If settings and display the colour overlay and then play around with the original curve then the overlay does change, but again not if I change the new curve.
Using a plugin to manipulate Blend If settings does make them much more accessible. The ones I have seen often allow a quick way to, for example, take adjustment out of highlight or shadows with a single button click.
Dave Kelly in his "Joy of Editing" channel covers use of TK9 in a regular TK9 Friday feature. Here is a link to one from a while back that covered using the TK9 Edit Blend If function,
https://www.youtube.com/watch?v=RsKXnndJQBI&list=PLRE7yCl-SQfSmoUZ1FhC5i-KJcsPV-bcU&index=2, there was a second part at
https://www.youtube.com/watch?v=nmK6gGv6-Jo&list=PLRE7yCl-SQfSmoUZ1FhC5i-KJcsPV-bcU&index=3
There are two main advantages in using Blend If rather than pixel mask - it is dynamic so if you go back and change a layer lower in the stack then the "transparency" of the Blend If "mask" will change accordingly, also because Blend If settings are stored in a layer's metadata they don't take up any extra space unlike a pixel mask.
You are right that my example of a Lightroom luminance range mask is static unlike Blend If. I gave it to try and illustrate that the "mask" is created on the current state of the image. If you create a luminance range mask and display the luminance map then make changes to the exposure settings you will see that the luminance range does not change in line with the updated image.