it’s not fully relevant for email providers like SendLayer, Mailgun, etc
But it is for other SMTP relays, and restricting by IP is a great additional measure as it prevents processing authentication when the origin is disallowed.
only the provider’s IP address (i.e., the SMTP server’s IP) typically matters in terms of email delivery reputation, SPF/DKIM/DMARC compliance, and spam filtering.
I have seen mail sent via a relay, which doesn’t scrub Received: headers, be rejected because it contained IPs that weren’t in SPF, though the relay’s IP was. Adding the origin IP to SPF only works if it can reliably send from the correct IP.
Most users use external SMTP providers (e.g., Gmail, SendLayer, SendGrid), and these providers don’t care which IP your server uses to initiate the connection.
Gmail, when used with Google Workspace, has a specific config area that allows restrictions based on IPs, so it most definitely does care. Putting those restrictions on websites that need to send mail shouldn’t be the only measure, but is just good security. It is also explicitly recommended in Google’s help articles that these restrictions be placed on devices that are unable to use OAuth. They wouldn’t make such recommendations if they didn’t care.
PHPMailer acts as a client connecting to the SMTP server — the actual email is sent out from the provider’s trusted infrastructure, not your server.
As I wrote above, some relays preserve the origin, so it must be correct. It’s more relevant to relays restricting incoming mail, and for that it can be critical.
I understand that SendLayer authors this plugin primarily to promote its own service, but it also presents the pluigin as being general purpose, and not being able to bind to an IP can make it a poor choice for that.