Yes, it has societal benefits; and from them is that the people are made aware that they are one Ummah. They eat and fast at the same time; the wealthy are made aware of Allaah’s blessings and they give to the poor. The (treacherous plots) of shaytaan diminish and there is fear of Allaah in it (i.e. by obeying His commands and keeping away from what He has forbidden), and fear of Allaah strengthens the ties between individuals of a society.
[Fiqhul Ibaadaat of Imaam Muhammad Bin Saaleh Al-Uthaymeen: page: 233..Abridged and slightly paraphrased ]