I think you're right that rule 114.2 has no effect, given the other rules and the cards which have been printed. (I did a cursory survey of what words/phrases follow "target" on existing cards and found nothing where this would apply. Could've missed something, but I'm reasonably confident.) But it's still useful, because it lets you understand what's targetable without having to read/remember all the other rules (notably 109.2)
This rule would matter if hypothetically a spell or ability says "target X", where X is some kind of object which could exist in multiple zones, not just the battlefield. The rule would then mean that "target X" (seemingly ambiguous, could be anywhere) actually means "target X which is a permanent". (Most directly, this would apply to a spell that said "target card" or "target object" - fortunately there are no such cards.)
But there are other rules which ensure that this situation never actually comes up. Notably, most cards explicitly target only permanents due to 109.2:
109.2 If a spell or ability uses a description of an object that includes a card type or subtype, but doesn’t include the word “card,” “spell,” “source,” or “scheme,” it means a permanent of that card type or subtype on the battlefield.
I think 114.2 is intended primarily as a reminder/redundant copy of 109.2, letting you know as you read the rules for targeting that most spells target only permanents, and those that target other things will say so fairly explicitly. If you've forgotten or don't know about 109.2, that can be a helpful reminder; you know that "exile target creature" means a creature on the battlefield from 114.2 as well, since it doesn't say it can target a creature anywhere else. And importantly, you don't have to have thought to read the rules about "Objects" in order to discover this.
The comprehensive rules do contain a fair number of redundant reminder-ish rules like this, presumably in order to improve clarity and help make sure you get the right idea even if you haven't quite read the entire rules.