Making you "sleepy and feel like nothing matters" is a perfect description, IMO. It's certainly not something you'd take to get any sort of traditional "high", but it is probably the best drug out there for those times when you really wish your emotions had an "off switch" of sorts that you could flip at night to get to sleep.
As far as its theoretical potency as a hypnotic, I'm honestly not entirely sure...it is possible that it's conducive to sleep only through it's ability to empty your mind and make you indifferent to things around you (by which I mean not only actual situations, but also thoughts/memories/ruminations), rather than really acting directly as a particularly strong sedative/hypnotic itself, although I'll note it's definitely been successful in sending me to sleep during bad stimulant comedowns, or even peaks (I used it to quickly kill off a very unpleasant "high" from 60-80mg MPA once).
For me it's definitely not a recreational drug in any sense of the word, but it's a very useful functional drug that I always like to have on hand.
EDIT: It's probably worth noting also that I have BPD, meaning I'm prone to (frequently severe) excesses of emotion which can often dramatically change within just hours; whether that be anger (most common for me), despair, euphoria, or anxiety - and pretty much any of these can co-occur simultaneously as a particularly unpleasant "mixed state". This in many cases makes Seroquel a real life-saver for me. I've read reports of people with bipolar claiming it gives them a similar benefit, and even some people with MDD/depression claiming that it was able to resolve their insomnia (possibly because that insomnia may have been due to ruminations or obsessive thoughts?).
In short, it's an utterly useless drug for people without any psychological problems, but IME can help enormously for those suffering from some types of mental illness.