What is the significance in understanding this concept if I wanted to write music?
If I understood cadences, then would that mean I would be able to structure my compositions?
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You'd be able to structure your compositionss more intelligently, more logically. Cadences are the endings to sections of music, so you probably use them naturally. Knowing how they work, when they're likely to come, and how they make your music work is possibly just academic, but knowing about them can help you structure your own music - and understand others' music better. Sure, one can write music without them being in one's armoury, labelled. Just as one can write music without being capable of physically writing it down. More to the point, what will you lose/gain by understanding them? And - be able to communicate more lucidly with other musos.
It doesn't particularly matter if you know the names 'Perfect Cadence', 'Interrupted Cadence' etc. (British names, I believe the Americans have invented their own names.) It matters that you understand that music has resting points, and that there's a different effect whether it rests on the tonic, the dominant, or makes like it's heading home to the tonic but surprises us.
The best way to learn music, much like learning anything else, is to look at lots of it and see how it works. Having the words to describe the various things it can do is a great help in organising your thoughts and methods.