Its a great idea and concept, however I dont use it for many of the above mentioned reasons, It is howver anothe excellent tool that adds to the already immense realism in FM.
Attributes masking got nothing to do with realism.
And in top of that whats the point of masking a few attributes and leaving other on. And personally the interest thing about scouting is to find out about the hidden attributes. Is he controversial, or injury prone? The ones you will have to know regarding if attributes are masked or not.
The game is too easy with it off especially lower division. If your in England you can just toggle through poor eu countries and sign top players. It also always means you can see the top junioir players when they are generated. I never play with it off and anyone who claims to be a good lower league manager with it off is not a good lower league manager!