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The fuel rail cover actually holds the injector bearings in place. Without one, your injectors can explode and blow the intake manifold through the hood. Yes, I have seen it happen.
It does help to hold the injector wiring harness in place, so if you do remove it, you may want to come up with some type of provision to keep those wires from moving around & chaffing.
I once thought they were uncool, so took it off, later when I got braided fuel lines, I thought it was cool again, on account of SS lines ripping into anything they touch.