I've found rainbow block-level highlighting to be even better: https://github.com/alphapapa/prism.el

I kind of wish editors focused on having different highlighting modes the way some strategy games have different map modes. I sometimes find myself changing to random language modes in emacs just to see different highlighting schemes that focus my attention on the code in different ways. I also do like rainbow block highlighting but it's not something I want all the time.

Rainbow parentheses are such a great invention I can't understand why it isn't standard nearly everywhere.