I actually use it as a snapshot of the instrument folder. If you don't need the actual waveforms for editing, but do want to see where things come in and out, that folder strip has colored lines or blocks where the audio is from within the folder. You can use it as a quick guideline to see what is going on without having to open up all the tracks in the folder.
You can quick look to see where, for example, guitar 2 drops out and guitar 1 picks up, or if there is overlap in tracks within a folder etc. Pretty handy.