Does P/B even matter?

Not to me, it doesn't!

P/B is liquidation value compared to market cap. 

If P/B > 1, you lose money. If P/B < 1, you gain money, considering you can sell assets at fair market value, which you can't. 

I buy a company for its future cash flows, not it's liquidation value. I am not going to liquidate the company, unless I do. Unless corporate raiding.

That's why tech stocks have high P/B, not much infrastructure/machinery, just high future cash flows. Much better than manufacturing companies. Better margins.