Forgive the ignorance but do Discs provide better stopping for towing applications? Or not so much?
If not, why then do a good number of people use or consider this conversion?
Not really. When towing, most braking is still done by the front axle, and the trailer brakes.
Disc brakes are practically maintenance free, other then changing pads.
With drums I always had problems with water and mud getting in and clogging/rusting up the works.
Discs also dissipate heat better, although that is rarely an issue with drum rears, only drum fronts.
In short it's a good mod for off road driving. On road, drums are fine.