Hi Tushar,
Thanks for your time and going to the very depth. As mentioned in the project description on https://www.drupal.org/sandbox/nikunjkotecha/2693817, this module is to reduce the number of implementations of hook_views_pre_render() and increase performance. Imagine a site with 40 different view blocks and 20 odd modules to achieve this (I'm having this scenario and I'm sure many big sites will have this). I have used the same logic as mentioned in the reference link you have shared, in fact using this logic since many of my projects. But in my current one, designer had made the titles dynamic on most of the cases and I had to add many conditions + implement the hook in multiple modules. To reduce that and taking inspiration from views_access_callback and cpv modules, I decided to create a utility module and contribute it back to Drupal.
About requiring another custom module, yes we will need to have this + a custom module to define the callback function but in majority of the cases we will have at-least one custom module, correct? If it's just a small site, for sure we can avoid this module and have the one custom module to implement the hook.
Hope the logic and intention are clear now. Let me know if there is any more query and I'll be happy to add more detail to it.
Again, I really appreciate the efforts that you are spending in the community and ensuring that community keeps growing.
Thanks,
Nikunj