Of course, a covering makes sense. However, barely noticeable is far beyond what one year old wire would endure. How well will it hold up after 5 or 10 years?
You're asking yourself the wrong question. What is the line chafing on? Fix that. Chafe isn't good in any case.
For a trailer sailor synthetic rigging makes a lot of sense, not so much for the cruiser who doesn't go up the rig twice a year. Wire is a PITA when you're stepping a rig everytime you want to sail.