The Contacts app on Mac allows users to specify if a card is a person or a company. Does this affect any practical usages, other than an implicit type which cannot be used as a filter or key in Smart Groups? Thanks!
Firstly, it's so the contact displays the company name when you receive a call instead of a personal name.
Secondly, it also sorts it in alphabetical order into your contacts by company name and not by a personal name. This is especially useful as contacts are sorted alphabetically by surname and not by first name, ie. Tim Cook is listed under "C" in your contacts but if you were to have "Apple Computer" you would want this sorted in the A's and not the C's.
iOS will display contacts in a mostly-similar way to macOS.
Although iOS has very little feature support for what the
CNContacts framework calls contact type, you can't easily see it, you can't set it, the handling is inconsistent in edge cases, etc.