You may need a PNG because an editor, presentation template or submission system asks for one. Conversion produces the required image format from the JPEG you already have. It is also useful when you want to hand a raster image to another person without applying a fresh JPEG compression step during that handoff.
The source still matters. A JPEG with blocky shadows or fuzzy text will carry those flaws into the PNG. PNG stores the rendered pixels without JPEG-style quality loss, but it does not reverse earlier losses. If you can access the original design, export a PNG directly from that project instead. Keep that editable project alongside your conversion so later changes do not depend on a flattened copy.