I think you are right that adding horizontal momentum doesn’t address the fact that you need to stop your vertical momentum somehow. But just to note, the horizontal component of momentum isn’t really a problem, as it is slowed and stopped by friction. It won’t cause the same kind of damage to your body.
I think rolling is designed to address your vertical momentum. Any change to horizontal momentum is coincidental.
Think of the problem of reducing the force of your impact in general. For simplicity, let’s say your center of mass is moving down with a constant velocity. You require a fixed impulse to stop that speed, so you want to spread the force of your impulse over the longest period of time possible, i.e. decelerate over a long period of time. Ideally, you want to decelerate constantly over the maximum time interval possible. You also want to spread the impulse of the landing over as much of your body as possible, reducing the damage to your legs which will inevitably receive the most.
The earliest you can start to decelerate is when your feet touch the ground. Your deceleration must ends when your center of mass has reached its lowest point. That physical distance and your velocity determine the maximum time window for deceleration. Then the closer to the ground you can get your center of mass, the better.
So there are a few reasons to roll:
- Rolling allows you to decelerate as constantly as possible
- Rolling spreads the impulse of the landing over many parts of your body
- Rolling allows your center of mass to get as close to the ground as possible before coming to a complete stop