"Gaining a better understanding of business will make you a better engineer."
Of course! Engineering is the busines of designing products that will earn profits for your employer. Cost is always a major variable in any design, and often drives design decisions. How can engineers not pay attention to cost?
It is a general observation that while selecting the car , the man will looks at the details like the engine capacity, fuel economy, braking system etc while his wife will look at the different color shades and the body styling available. So as a engineer , while designing a family car , the consideration has to be given what women would like as the exterior look of the car and what men would prefer as the engine, luggage space and all that technical stuff.
Many times your boss will have certain bias towards selecting a particular microprocessor while designing an embedded system and by hook or by crook he will convince you to use the same whatever be your technical opinion.
In the early eighties, when 16 bit microprocessors were just getting introduced , Intel's 8086, Motorola's 68000 and National's 16000 were in the race each having a different architecture. In comparison National Semiconductor's 16000 architecture was much superior technically compared to the segmented architecture of the 8086. But Intel 8086 prevailed over others just because IBM PC was designed around it ( initially 8088 based) and the whole world had to follow the 8086/Microsoft windows combo for the IBM PC compatibles whether they liked it technically or not.