I suppose hanging a plane is better than setting it blade down on a rock...
There was a kind of 'pegboard fad' for a while, the 'ideal' work shop had pegboard on every available vertical surface, and everything was hung on the wall in plain sight.
In as much as half the basement handymen didn't use half the tools they bought, I always figured the point was so you could bask in the glory of how many tools you had aquired in the name of basic home maintainance.....
Personally, I bask in the glory of how deep the depressions are in the concrete floor made by storing my boxes of old tools there...