Part of it is fuel efficiency. The math and physics are complicated, but a simple way to look at it is that there is less drag on the following planes, when in a V-type formation. It’s the reason large groups of birds often fly in formation–it requires less energy. For the planes, that means consuming less fuel and increasing their range, which makes them more effective in combat.
In addition, flying close together can often confuse enemies. An enemy radar, for example, may pick up a return blip, but the radar operator may not be able to determine whether it is only one aircraft or a small group of aircraft close together, thus potentially underestimating the threat.
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