From what I've read- the patch bay is only important if you haven't got the time or can't stomach the inconvenience of having to reconnect your cables to change the signal path for different tasks you might want to accomplish with the same equipment.
Effects inserts, etc.
But for those with a simple setup, or one that doesn't need to be rewired to suit a different purpose, a patch bay will only degrade your signal.
It certainly can't make it any better.
You get the best sound with the shortest path and the least number of components. You can only start to ignore this when you include only really pricey components in your chain.
But that's why my studio looks like S8-N's floor. If you are gonna go with a patch bay, make sure to get some flash cabling, which means big bucks, relative to the price of the patch bay itself.