Lots of correct info here. Valve seat erosion was the 'issue' of ULP back in the day and Suzuki Valve seats were always hard enough and aren't effected by ULP. The octane rating of fuel doesn't tell you how much power per gram the fuel has; the power available per gram is the amount of heat released when that gram is burnt. It is quite possible for lower octane fuel to release slightly more heat than the 'good stuff', so of itself 98 possibly doesn't offer any power advantage per gram over lower octanes. In fact diesel oil yields more heat per gram than any octane petrol -it just burns too slow to make more horsepower than petrol.
High octane allows dynamic higher compression ratio before detonation. (Static CR = the mathematical ratio, dynamic CR = actual and variable -affected by rpm, load, cam profiles/timing, exhaust design, inlet tract length, supercharging, ignition timing, temperature... etc). An engine designed (or modified) to make use the extra head-room before detonation of high octane can turn more of the heat in the fuel into pressure within the cylinder and torque at the crank. Modern engines often rely on multi sensor engine management and fuel injection to achieve the most efficient burn for the load/rpm and fuel used. Short story is anything unmodified and using carburetors will not benefit from higher octane than specified by the manufacturer.