…and, perhaps even more importantly, it will notify you of sudden pressure loss while you are driving.
A couple of months ago, I was driving my friend’s Rav-4, and the TPMS warning light suddenly came on.
I pulled into a parking lot, checked the pressure in all of the tires manually, and found that the left rear was down to–IIRC–19 psi. If not for the TPMS, I most likely would have driven until the thump-thump stage, and might very likely have wiped-out the sidewall of the tire.
Luckily, the parking lot where I pulled over was adjacent to a Costco, so I had them repair the tire while I had a cheap lunch and then did some shopping. This is a departure from their earlier business practices, but Costco will now repair tires no matter where they were purchased. The only difference is that if the tires were not purchased from them, there is a charge for the repair. If you have proof of purchase from them, then the repair is free under the terms of the Road Hazard Warranty that they include in the purchase price of their tires.