I received about a dozen cuttings from someone one time and I stuck them in plastic cups with potting mix and they grew roots extremely fast. I thought, wow, this is great. Problem is they all ended up dying. Why? Don't know. But perhaps they spent all their energy on those roots then when the leaves didn't grow they eventually starved.
The ideal situation is for roots and leaves to be in sync somewhat, with the roots ahead so that you don't have a lot of leaves dropping due to lack of moisture. I could see where too many roots too fast could be a problem. At the end of the day leaves are required for the plant to produce sugar/energy.
I suspect that you can have success with or without the hormone. Most varieties of figs do just fine without any. Maybe for the varieties that are harder to root it would be helpful, or if you had a variety with cuttings that tended to push leaves rather than roots.