When you're benching for max effort, use the grip that you can push the most weight with, whether it corresponds to the rings or not. When in practice, we rotate grips: Close (where the knurling starts), Medium (midway between the smooth and the ring on the knurling), Wide (pinkies in the groove a.k.a. "power ring") and Extra Wide (index finger in the groove).
It's possible that PLers focus on the rings because there are competition guidelines for how wide your hands can be, and the ring placemement corresponds with that.
No matter what your grip is, the the bar should come down to the sternum with elbows as close to the body as possible. Obviously on wide grip, your elbows will be further away (45 degrees) from your body than in a close grip.
For Pl purposes, it's about finding the shortest distance between two places where you are also strong and fast. I have long arms, so I use an Extra Wide grip because the bench stroke from top to bottom for me in a CLOSE grip is 18 inches. In an extra wide grip it's only 8 1/2 inches....that's 10 fewer inches for me to ghave to push the bar. I also happen to be faster and stronger extra wide, so it works for me.