I only tend to hire an admiral for a single engagement focused on taking out a particular fleet (for example, the Ottoman's) then dismiss it immediately afterwards.
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Sure do. Specifically it tends to be early game when every ducat counts, and I'm hoping to roll a high Maneuver admiral to boost the efficiency of my trade fleet in (typically) the only trade node I'm focusing on at that time.
A 2-3 Maneuver admiral can bring in quite a few extra ducats in the right location.
Admirals purely for warfare are sometimes worth it too. 2-3 shock admirals can give you a real edge.
I tend to as the Dutch, because at some point you're going to have to obliterate the Royal Navy and conquer England if you want to really rake in the ducats, and even with Dutch income + naval forcelimits you'd have to be crazy to go up against the Royal Navy without a top-quality leader - which the +2 naval leader fire from your NI helps you to get. So too, arguably, for Portugal, although there the benefits are less obvious because your admirals will probably not be as good and you don't really need to fight England/GB as often/at all.
For anyone else (like the Malayans and Spaniards in particular, who have the income to do this) I just make sure my navy is bigger than anyone else's and use an explorer instead of an admiral, although I will sometimes keep a dedicated admiral after I have the two special military buildings at Tech 19 built and am at 25 or more PP.
I only get an Admiral if I don't have Exploration and if I am planning to take out a massive stack of enemy ships. Once that singular task is accomplished (which happens maybe 2-3 times per game), I stick them on my largest trade fleet for the slight bonus and let them die of old age. It's very rare that I need to deploy the same Admiral twice in a campaign. I find them to be very limited in their utility. Admirals and naval warfare in general could definitely use an overhaul in EU4, they just don't have much of a role.