The Palomar knot is great for big game fish that pull hard. The knot continues to tighten when being pulled on, and the double loops around the hook eye make for a strong and abrasion resistant knot. Its also very quick to tie.
I used to use this knot fairly often when working on the party boats taking people out for albacore. Sometimes the albacore would be hitting so quickly, that the second the bait hits the water my customers would have a fish on. Many of them broke off, and needed new hooks tied on. This being strong, but so quick to tie was my go to knot. I was tying knots for customers at least 10 per minute while also having to try and gaff their fish.
This knot is also very common for fly fishing. Many people use this knot for their first fly on a nymph dropper. Then they do not cut the tag end off, but use the tag end for their 2nd fly. A quick and easy way to make a two fly rig.