The TIF format is used when no information can be missing. The raw data formats (RAW formats) of the most important camera manufacturers are all lossless convertible to TIFF. Therefore, the TIF format is very popular among professional photographers, also because it supports a color depth of 48 bits (Deep Color), which corresponds to about 281 trillion different colors.
The TIF format only allows algorithms that compress losslessly. Thus, in the vast majority of applications**, saving in TIF format produces a significantly larger file than saving the same data in JPEG format. Of course, TIFF files become especially large when working with 48-bit color depth. In that case, high-resolution medium format scans can easily become half a gigabyte in size. As with JPEG, TIFF supports common color profiles and metadata formats.
In summary, the TIF format is ideal for those who do not want to compromise and who are willing to consume significantly more storage space to obtain any information. In practice, these are usually photography enthusiasts or institutes that need to document images for scientific, medical or criminological purposes. For the average home user, however, the TIF format has no relevance.
* See note above. / ** Exceptions are graphics with low color depth (below 8-bit).