Are there health benefits to a low carb diet?

Yes.

But weight loss isn’t one of them. Weight loss (or gain) depends on calories in versus calories out much more than on the ratio of macronutrients in your diet. A low-carb diet, however, can preserve muscle mass during weight loss and improve your levels of cholesterol, triglycerides, insulin, and fasting glucose.[1][2][3][4][5][6][7][8][9][10]

References

1.^Golay A, Allaz AF, Morel Y, de Tonnac N, Tankova S, Reaven GSimilar weight loss with low- or high-carbohydrate dietsAm J Clin Nutr.(1996 Feb)
2.^Golay A, Eigenheer C, Morel Y, Kujawski P, Lehmann T, de Tonnac NWeight-loss with low or high carbohydrate dietInt J Obes Relat Metab Disord.(1996 Dec)
7.^McLaughlin T, Carter S, Lamendola C, Abbasi F, Yee G, Schaaf P, Basina M, Reaven GEffects of moderate variations in macronutrient composition on weight loss and reduction in cardiovascular disease risk in obese, insulin-resistant adultsAm J Clin Nutr.(2006 Oct)
10.^Mojtahedi MC, Thorpe MP, Karampinos DC, Johnson CL, Layman DK, Georgiadis JG, Evans EMThe effects of a higher protein intake during energy restriction on changes in body composition and physical function in older womenJ Gerontol A Biol Sci Med Sci.(2011 Nov)