Practical importance of Turing machines?
The importance of Turing machines is twofold. First, Turing machines were one of the first (if not the first) theoretical models for computers, dating from 1936. Second, a lot of theoretical computer science has been developed with Turing machines in mind, and so a lot of the basic results are in the language of Turing machines. One reason for this is that Turing machines are simple, and so amenable to analysis.

That said, Turing machines are not a practical model for computing. As an engineer and a Mathematica user, they shouldn't concern you at all. Even in the theoretical computer science community, the more realistic RAM machines are used in the areas of algorithms and data structures.

In fact, from the point of view of complexity theory, Turing machines are polynomially equivalent to many other machine models, and so complexity classes like P and NP can equivalently be defined in terms of these models. (Other complexity classes are more delicate.)