Since the video signal is recorded in NTSC 29.97 fps, the drop frame allows for the .03 fps offset of the video to conform to real time based on 30 fps.
Actually, IMHO, the only reason to use DF is if you are shooting for broadcast where absolute time is essential. For most other forms of production, using DF makes TC math a PITA unless you have a TC calculator.
In the digital solid state world, it doesn't matter as much but in the days of all tape production, this was a big deal.