EHF and E9 do play each others in tournaments. Which is where the ranking are helpful. Like anything else there are flaws and anomalies but as more data is compiled it becomes pretty accuracy. While there are benefits to having the rankings there are also some negative things it creates.
Do Tournament results get entered at some point or is that on someone to report them?
from what i've heard tournaments are counted in. I dont know who enters that info or when.