Domain knowledge for any professional, who is in a customer-facing role, is important and relevant. Every organization is facing issues, problems or opportunities on a regular basis. These organizations want the best solution in the shortest possible time.
The question to ask is – Do you need to be as good as an actual practitioner or you just need to have a good understanding of the terminologies, concepts and processes of a domain? The answer is simple. You need to target the second option.
Whether you are a Business Analyst, Project Manager, Testing Professional or a Data scientist – your role demand domain knowledge.