Perhaps it's a matter of personal preference. I would not use the float test because there are better methods out there than dunking an egg in water.
And also because I can imagine it being a bit traumatic for any living chicks.
I know I am safe with candling, and I will continue to use that method over the float test.
I have only used it in the last couple of days of incubation when a light is no longer accurate; water shows signs of life immediately.
If people are debating whether or not to give up on an egg, or even crack open an egg, it is one more way to be "extra sure".