Is USD worth a lot in Peru?

I've often heard of travelers to Peru being surprised by the value of the US Dollar. Could you elaborate on how significant the value of the USD is in Peru compared to other currencies? Does it hold a significant purchasing power, allowing visitors to enjoy a more luxurious experience? Or is it merely a convenient means of exchange, with prices still remaining relatively high for tourists? Understanding the economic landscape in Peru and the role of the USD would be invaluable for those planning a trip there.