The very immediate utility is that if life is computation, would be to tell us that life is possible to simulate, and that AGI is possible (because if there is no "magic spark" of life, then the human brain would be existence proof that a power and space- efficient computer capable of general intelligence can be constructed; however hard it might be).

If life is not a computation, then neither of those are a given.

But it has other impacts too, such as moral impacts. If life is a computation, then that rules out any version of free will that involves effective agency (a compatibilist conception of free will is still possible, but that does not involve effective agency, merely the illusion of agency), and so blaming people for their actions would be immoral as they could not at any point have chosen differently, and moral frameworks for punishment would need to center on minimising harm to everyone including perpetrators. That is hard pill to swallow for most.

It has philosophical implications as well, in that proof that life is computation would mean the simulation argument becomes more likely to hold.