For the family, yes that's awful. But it's much bigger than that - as long as a case is unsolved, particularly in crimes where the perpetrators are so often repeat offenders, then there is always the fear that they may strike again. In one article I read, the current mayor of Jessop's community talked about that, what a relief it is to know that the unknown perpetrator is no longer a threat, and that he's not one of their neighbours or friends or coworkers hiding in plain sight.
And I don't think this is correct. As I understand it, he actually spent very little time in jail between his initial arrest in 1985 and his exoneration in 1995 as much of that time was spent in trials and appeals. That being said, even when exonerated, there is always a cloud over the wrongfully convicted - some believing that they either did do it or at least must have done something awful for police to think it was them, not to mention years of normal life lost.