According to our experiences, the tool feels somewhat outdated and anti-agile. It requires a lot of a priori work by the Product Manager and distracts from Product Discovery as a joint activity with the team. It feels very much like the traditional waterfall methodology.
Of course, there might be exceptions: For example, when implementing a very technical solution, say in the area of mobile networks and IoT, then a huge number of technical aspects have to be considered on a very detailed level – including things like APIs, interfaces, implementation protocols and all the like. In these situations, the details contained in a PRD will be required.