Yes, $\sqrt{2}$ only tells you that it is a number which, when squared, yields $2$. It's a whole lot more informative than any other thing you might write for the same number. However, the fact that $\sqrt{2}^2=2$ is really important in certain contexts. For instance, in higher mathematics, we are often less concerned with the easily determined fact $\sqrt{2}$ is somewhere between $1.4$ and $1.5$ than we are with other questions about it.
In particular, some branches of mathematics stop thinking about the real numbers altogether and stop thinking about arranging things on the number line, and just want to talk about addition and multiplication. They start off in the rational numbers, $\mathbb Q$, equipped with their ordinary addition and multiplication and move further. Quickly, one can create questions which have no solution, like:
What $x$ satisfies $x^2=2$?
which can't be solved in the rationals. However, a very natural question is, "Well, supposing there were a solution to that, what properties might it have?" So, we define a new number, $\sqrt{2}$ and extend the rationals by it to the field $\mathbb{Q}[\sqrt{2}]$. What's this mean?
Well, now we're considering any number which can be written as a polynomial, with rational coefficients, of $\sqrt{2}$ - or equivalently, the numbers that can be written as a sum or product of rational numbers and $\sqrt{2}$. So, we're now interested in things like $\sqrt{2}+1$ and $\frac{1}2-3\sqrt{2}+\sqrt{2}^3$ and how addition and multiplication might work with them. Provably, every such number is of the form
$$a+b\sqrt{2}$$
for rational $a$ and $b$ and we define addition and multiplication as
$$(a_1+b_1\sqrt{2})(a_2+b_2\sqrt{2})=(a_1a_2+2b_1b_2)+(a_1b_2+b_1a_2)\sqrt{2}$$
$$(a_1+b_1\sqrt{2})+(a_2+b_2\sqrt{2})=(a_1+a_2)+(b_1+b_2)\sqrt{2}$$
which might not look like much at first, but suddenly, we have a new field in which we can perform addition and multiplication (and we even find results like division if we look harder) - and we find curious things like defining $\overline{a+b\sqrt{2}}=a-b\sqrt{2}$ preserves all the structure of multiplication and addition, which tells us that $\sqrt{2}$ and $-\sqrt{2}$ are somehow interchangeable.
This branch of mathematics is too large to summarize in any adequate way, but essentially, my point is that the algebraic properties of a number - that is, how it responds to addition and multiplication - are very worthwhile in their own right, and hence, though the notation involves "inventing" new numbers that we can't write in any satisfying closed form like we can the rationals, the definition "$\sqrt{2}$ is a number which, when squared, gives $2$" actually has a lot of interest to it.