Well, that's not entirely true. OD On/Off COULD be useful on a CVT. The whole point of overdrive is that the ratio is inverted, usually on the top 1 or two gears of a tranny so that the drive gear is larger than the driven gear, right?
On a CVT, this could/should work in the same way meaning that the ration between the two pulleys would never go past 1:1, thereby increasing the RPMs at higher speeds. This would be useful in the same way that OD OFF is useful in a regular auto tranny when going down a grade or something to provide a bit of engine braking.
My understanding is that the big benefit of a CVT is that you get MORE of an "overdrive" range than on a conventional tranny, so it would follow that you might notice more of a jump in RPMs when turning off the Overdrive.
HOWEVER, I'm sure the term "overdrive" has about 300 different meanings these days, so who knows how the Nissan engineers really designed it to behave when you have the OD Off button engaged. (by the way, the first gen MOs didn't have overdrive off options)