On a spherical earth the visual range of a sailor is limited due to the curvature of the water. On a flat earth, the water is plane, and the visual range of the sailor is not geometrically limited.

Therefore, a crow's nest is useful on a spherical earth, and useless on a flat earth.
Let's quantify the usefulness on a spherical earth:
R: radius of the earth 6371km
h: height of the sailor above water
d: visual range
We have a right-angled triangle given by the tree points:
- center of the sphere
- crow's nest
- limit of visual range
(R + h)
2 = d
2 + R
2<=>
d = √((R + h)
2 - R
2)
<=>
d = √(R
2 + 2Rh + h
2 - R
2)
<=>
d = √(2Rh + h
2)
Here some example values:
h = 2m => d = 5.05km
h = 5m => d = 7.98km
h = 10m => d = 11.29km
h = 20m => d = 15.96km
Let's assume, the deck of the caravel of Columbus is 5 meters above the water, while the crow's nest is 20 meters above the water. Let the speed of the vessel be 4 knots, or 7.4km/h. Then the shore is visible more than one hour earlier from the crow's nest than from the deck.

Arrival of Christopher Columbus in Santo Domingo.