I try to give an answer which has a different attitude towards your question.
In my very opinion, $\mu$ has a very important role, in simplification of amplitude computations using the Renormalization Group. For simplicity, we restrict ourselves to the $\lambda \phi^4$ theory.
Imagine that one is supposed to compute an amplitude using Feynmann diagrams, obviously one should include the loops up to the demanded precision.
Using Renormalization group one can prior to any computation choose a proper scale commensurate with the scale of the Mandelstam variables(Which determine the scale of scattering by three quantity for different channels namely s,t,u that are written in terms of the incoming and outgoing 4-momentums)
That chosen scale is literally $\mu$!
And using the running formula for the couplings(like $\alpha(\mu)={{\alpha(m)}/1-clog(\mu/m)}$) we've derived using RG equations, one can find $\alpha(\mu)$ where now the coupling in computed at the new scale which is of the same order of the Mandelstam variables.
You might ask "what's the point of it?"
The point: Using the value of the coupling constant at the new scale, we have automatically increased the share of the first terms in the perturbative expansion and minimized the share of the higher-order terms that include lots of loops and make the computations very hard!
In other words, we're accumulating much of the loop corrections using a lower scale coupling, in the tree-level contributions of a perturbative expansion using a higher scale coupling!
Don't forget that the $\mu$-independence of amplitudes enables us to do this exchange of "diagram shares".
Unfortunately in MS scheme and also On-Shell renormalization "accompanied" by Dimensional Regularization one can't include all the loop corrections at low scales in a single tree level diagram at a higher scale, but in fact, we can only lower the importance the loop corrections by running $\alpha(\mu)$ up to scales $\mu$ ~ $t$ (or "$s$" or "$u$").
In the on-Shell scheme, one can imagine that $\alpha=\alpha(s,t,u)$ and by determining the value of $\alpha$ at a certain scale, like $(s_0,t_0,u_0)$ one can find the value of the coupling constant at another scale, like $\alpha(s',t',u')$ using RG equations(this time in a 3D space, of 3 Mandelstam variables rather than one variable called $\mu$ ) and then there's no need to do any loop computations at all. In a sense, we've made up a full classical effective field theory in which there's no need for loop computation any longer!
The complication rises when $s,t,u$ are all of, different orders! Then, in this case, one usually introduces a new variable like $Q$ that is the geometric average of Mandelstam variables:
$Q=(stu)^{1/6}$ which is the desired variable $\mu$ in MS scheme.