The B1-B was not used in the Iraq war until after the US had completely destroyed Iraq's air defenses. It was not used until after B-52's were flying missions there.
The B-1B is pretty much a sitting duck against an opponent with modern air defenses because of its size/RCS, and problems protecting it with on-board electronic warfare equipment. The B-2 was developed to counter this vulnerability.
The B-1B is good for dumping a lot of bombs on unprotected targets (as is the B-52). I suppose it can get to the targets very fast (830+ mph) but I very much doubt that capability was required in any of its operational missions to date.