CI is essential in modern software development. It is completely independent of CD in that you can get the benefits of CI without CD. Also CD doesn't necessarily mean that you release all successful builds deployed. CD can be to an internal/preview server. The key thing is that CI ensures that what you develop builds (and passes the tests you have created) whereas CD ensures that your successful builds deploy successfully. Deploy does not necessarily mean release.

As for devs? It is good for us. Only those that try and hide behind distant milestones, where it can be difficult to see who has done what, will be under significantly more pressure. Good. Everyone else can get satisfaction from progress and near immediate feedback.

The one caveat I will mention is that "it depends". This time it is how the project is managed.