Are Qt stored queries for SQLite faster?

I am using SQLite and reading over the docs for QSqlQuery class.

There are several binding examples for previously stored queries, such as this:

     QSqlQuery query;
     query.prepare("INSERT INTO person (id, forename, surname) "
                   "VALUES (:id, :forename, :surname)");
     query.bindValue(":id", 1001);
     query.bindValue(":forename", "Bart");
     query.bindValue(":surname", "Simpson");
     query.exec();

Is this primarily a programming convenience or is there actual performance benefit for frequently used queries?