no it certainly is not useless.
The whole point in hashing a value is so that it cannot be decrypted,
typically this is used for passwords.
Imagine a hacker gets into your web app, which is extremely common, then
all your encrypted data is useless, because he has access to your code and
can decrypt it all at leisure. This is how all your personal data gets
stolen or your identity. You signed up on some website that had poor
security, the hackers got in and got their database, decrypted all the
data, and got all your personal details including username/password.They
will then typically take the username/password you used on this site and
try it on other sites as well, so anywhere else you used the same login is
now also compromised.
Most decent websites these days will hash sensitive data so that it cannot
be decrypted and stolen.
Any code you do have which decrypts data, should be protected from prying
eyes, in the case of CF you could compile the CFML to a java class and only
upload that to the server, don;t think there is anything much better than
that for CF sadly. Or with PHP you would use somehting like Ioncube.
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