Is a Bank's LDR meaningless?

I’m learning how banks work and I used to think banks took in deposits and loaned those same deposits out to customers.

I recently learned banks actually create most of the money out of thin air each time they create a new loan (https://www.bankofengland.co.uk/knowledgebank/how-is-money-created)

I also read a bank’s Loan-to-Deposit (LDR) ratio is a sign of how much leverage the bank is using. If a bank’s LDR is > 100% it must be borrowing money from the wholesale markets to fund the loans it creates, or so I read.

If banks create money out of thin air like the Bank of England says, this mean banks don’t need to borrow money to fund their loans (because they can just create it themselves), what is the value in looking at the relationship of loans to deposits?

I understand banks have capital requirements which prevents them creating infinite amounts of money and I believe they use deposits to give cash to customers who try to withdraw or transfer their money out of the bank.

I don’t understand the point of the LDR ratio given banks create 99% of the money they loan out.