What's great about the built-in effects is in case you don't have a certain pedal on your board and the Katana does, then you can use it in the chain. I like their octave pedal for some things but don't happen to own one. Voila, instant octave pedal. You may rarely use them, but all it takes is a one-time use of a certain reverb or delay and you'll be happy they're there.
My biggest use of this Katana is for recording and my favorite setting is one of the fretless models found in the library with my Hofner bass. Pretty authentic sound and is easy to dial in. Not all of their tones are perfect, but the idea that someone just getting started has numerous options at their fingertips is terrific. Add the fact that it's a Roland product and you've probably got an amp that'll last quite a long time!
Finally, unless you're luckier than me, get ready to sit and wait for the Bluetooth adaptor. I ordered one on June 30th and am still waiting. I decided to preorder to make sure I received one with their latest shipment, but it's now expected sometime in November...five long months later! If you're patient like me, go for it. But unless you have inside info or live somewhere BOSS can get it to you quickly, don't hold your breath.
Again, congrats, and enjoy your 110!