2 major uses:
1. It is at the front of the track/bus
before the FX bin, whereas the fader is
after the FX bin. So you can use it to set the level that is getting sent to your FX.
2. On a bus, if you send several channels to it you can end up with the combined levels being higher than you might want. It's
much easier to just reduce the level here than it is to do what most people seem to suggest and reduce every single send/fader feeding the bus.