Just a little historical perspective ...
The board pictured is from a 1980's-ish Acromatic airborne telemetry data decommutator. This board is -not- a prototype or a one-off, it's a full production product. There are a number of reasons for producing wire wrapped boards, but the one I found most interesting was that they were more physically reliable than PCBs in high vibration environments.
Also, there used to be (maybe there still are) fully automated wire wrap machines that could churn out wrapped boards like this.