For your specific registrar you will need to contact them and ask about it, which will also give you a glimpse on how the technical support runs and if they are able to give you meaningful replies.
They speak about
clientTransferProhibited here: https://www.namesilo.com/Support/Domain-Locking%2FUnlocking
What you see may be related to https://www.namesilo.com/Support/Domain-Defender even if that is not very clear:
We already surpass the security offered by many other registrars by maintaining a lock at the registry level for all domains, but utilizing Domain Defender provides additional peace of mind that your domains are safe.
Also, it may be that the domain was with these statuses elsewhere and got transfered to NameSilo that just kept the same statuses?
As for the status itself it is indeed under control of the registrar. It is like a failsafe measure in case there is an error at the registrar, like a wild running script or something. It can also be sold as an extra protection, often called "Domain Lock" which just means basically that no changes (either technical or administrative or both) can happen on the domain name without an out of band confirmation like a phone call.
So it is neither 100% useless nor 100% useful. If it is just a toggle on the web UI it does protect you a little from registrar errors, but does not protect you in case someone gets access to your web UI improperly. If it is part of a package like "Domain Lock", it may be something to pay extra, and it will protect you against hijack of your account, and also a little about a registrar error.