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I didn't even know cooking was in the game ._. Guess I missed it.
It's only available from one of the three carpenters you can have move to TownShip. One of them has a small casino where you drop the Tolen items onto boards to try to capture items and one has a bunch of people who tell you different game stats. The cooking one has the most utility and it's not even close.
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The treehouse carpenter has an Othello style game offering rare (and in some cases unique) items as prizes.
The TRUE benefit of the Arabian carpenter is the bartender, who sells you a drink that boosts your party's condition stat to maximum. Take that and watch your critical hit and counterattack rate go through the roof! It's expensive, but potentially worth it before going into a tough dungeon.
However, neither of those even come close to cooking in terms of sheer game-breaking potential.