imo, a pilot is intended to locate/align the outer diameters of each component. With sloppy v-threads the shaft will settle off to one side or the other as it seats. A pilot prevents this. If the pilot is as sloppy fitting as the threads, then it's a pointless aspect of the joint design. If the joint pin isn't installed on center or straight, a good fitting pilot will still pull the shaft to center. There are many ways a pilot 'could' mask or negate issues associated with sloppy machining and ill fitting parts, but with good machining practices a pilot is unnecessary, imo.
All that said, some cue makers use piloted joints for nostalgic purposes, with a few even believing a good fitting pilot enhances solidarity of the joint as well as enhancing playability. Kinda like bigfoot, i'm not convinced but then again wouldn't be surprised to find out it's true. At least there's some food for thought with that situation. With sloppy fitting pilots, there's no purpose.