I've found it more pleasant to drive around town in tow mode, as it seems the suspension is less sporty and more comfortable. Especially when I have groceries or when the family is in the car or I'm going over bumpy roads.
I haven't used it other than to check that it engages in that mode when I select it. I don't have the towing group either.
Is there a maximum speed that you can't go over without causing some damage in the drivetrain?