People do commonly take it for that and that's one of the reasons I'm taking it as well.
I had one meniscus blow up on me about a year and a half ago. I was able to get it back to good working and pain free order (without BPC 157), but it was a long, slow process and there was already cartilage damage. Now, the other knee is showing similar symptoms.
I assume by degenerative, you have arthritis as a result? You'll get a wide range of opinions on this, ranging from "ride it out until you need a replacement" to "it is possible to grow some cartilage back."
Biggest factor I found was dietary -eat inflammatory foods and the inflamed joint is amplified. Beyond that, a combination of fish oil (omega 3), magnesium glycinate, boron, turmeric, boswellia extract, vitamin D, zinc and glucosamine, in the opinion of some, provide the right environment for regeneration. -that is a pretty cheap combination of supplements to take and potentially offers other benefits as well (magnesium, zinc, vitamin D and boron are common recommended supplements for testosterone support).
For this second round, I'm trying BPC 157 in addition to what is mentioned above. After my experience of going multiple rounds with doctors, PAs, surgeons, 3 rounds of X rays, MRI etc only to be told to "come back when it starts hurting bad enough that I need a knee replacement", I'm not wasting my time or money with any of that. Of course, that's me and that's probably terrible advice.