There is some analysis at https://electronics.stackexchange.com/a/130095/9006 in answer to a question about finding the position of an object.
Light, radio and heat radiation are all electromagnetic radiation, and travel very, very quickly. It is not automatically true that they provide a better result just because they are faster.
Electromagnetic radiation travels 1,000,000 times faster than sound. So it is much easier to make something which can measure the time it takes for sound to travel a few metres than it is for light. Sound travels at roughly 0.34 metres per millisecond. Your ears and brain are good enough to detect time-of-flight in a room about 30 metres or more.
A piece of electronics to measure distance using the time-of-flight of sound is low-cost. To get 0.34m, or 34cm it needs to work at one millisecond (0.001 second). Which is sloooooow for any type of computer, though is also much faster than a person. It is relatively straightforward to get 10x better, 3.4cm, which is 0.1 milliseconds. For ultrasound, at 38kHz, that 0.1 milliseconds is almost 4 whole cycles, which is well within the capabilities of low-cost electronics to measure. So measuring 34cm with 10% accuracy is understandable and doable.
To measure time-of-flight for 30cm with light would be much harder. Light would take 1,000,000 less time, or 0.000,000,001 seconds, or 1 nanosecond. To measure to 3cm accuracy would be 0.1 nanosecond, which is approximately 3 times faster than one cycle of the fastest Intel microprocessor. So it would be much harder to do that measurement of 30cm, and even harder to get 10% accuracy using time-of-flight. It can be done, but not as cheaply and easily as sound. It typically does not use time-of-flight, but instead a different property of a light wave.
Side Note (Edit):
If you wanted more accuracy than 3.4cm with sound (not light), how might you do that? What is it that makes it harder to get a lot more accuracy with the SRF05? Have a think about this, and you might understand what limits the chosen SRF05 impose, and hence get a better understanding of the system.
The best known animal which uses ultrasound are bats. They use it for range and position measurement using time-of-flight, and two ears to find direction information. So part of bats' biological systems are able to use sound's time-of-flight well enough to catch 'food' (moths, and other insects) while it is flying. That is very impressive. If you wanted to understand more about how ultrasound can be used, you might look at articles about bat's echo location system. It is highly developed.
Many other animals emit ultrasound, for example rodents and some insects. But for most it is a communication mechanism.