Of course it does. Clubs value their legends all the time and give them chances as manager. It's not gratuitous, it's because of what those legends achieved with their clubs. We did it with both Pep, Lucho, Milan did it with Ancelotti, Madrid with Zidane and now with Alonso. Arsenal with Arteta, Atletico with Simeone, and so on.
Pep, Lucho, Ancelotti. Last 4 CL winners were also players of a high profile level. You think that's a coincidence? Experience you gain as player serves you as a manager without a doubt, managing a collective and asserting yourself as leader, being able to learn from previous managers while working for them as players like Ancelotti with Sacchi for example, and so on. Everything you can learn from counts, and as a high profile player you learn a lot.