For a p.g.f, of $X, f_X(s)$, is $s$ really "just" a dummy variable?

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The p.g.f, $f_X(s)$ of a random variable $X$ is given by

$$ f_X(s) = \sum_{x = 0}^\infty P(X = x)s^x$$

Usually, it's said the $s$ is just a dummy variable, but having been exposed to the result that the smallest root of $f(s) = s$ is the extinction probability of a branching process, it's clear that there is meaning to $s$, but I don't understand it's general meaning.

Any further intuition is highly appreciated.