Because dofollow is the default state of every link, people often talk about it only in contrast to nofollow. When a trusted, relevant site gives you a dofollow backlink, it passes authority that can help your rankings — this is the mechanism behind most off-page SEO.
The value transferred depends on the linking page's authority, its topical relevance and how many other links share the page. A dofollow link from a strong, on-topic source is one of the most valuable assets in SEO, which is also why such links are hard to earn and shouldn't be bought at scale.
A natural profile still needs nofollow links too. Chasing only dofollow links produces an unnatural pattern; the goal is relevance and trust, not a specific ratio.