Giving custom names to layers is part of a good workflow. If the layer is basically a rectangle, it would be a good idea to name it "Rectangle" so you can find it when you open the project in the future.
I often create composites and motion graphics that have dozens of layers and many of them contain pre-comps that also have dozens of layers. Without properly naming the layers it quickly becomes impossible to go back to a project layer or even remember where you were when you quit work for the night.
This is a typical flow chat for a complex composite. Imagine navigating that wighout custom layer names.