This is a nice and easy way to mount something that has a standard 1/4 inch thread to a mic stand. If you want to use your camera on a mic stand occasionally and don't care for getting a "real" tripod for example.
I use it to attach my Zoom portable recorders.
It can, of course, not take any heavy loads, but a Zoom H6 seems to work well at least.
One drawback is that the screw actually quite easily falls out of the slit since the hole is big enough for it to slide right out. Normally and this type of gear you would actually have to screw it out, but not in this case. I always have a camera quite release plate mounted to it so that the screw doesn't fall out and get lost.
So, for lighter gear, as an easy option to attach equipment with a standard 1/4" tripod mount it works well. Just don't lose the screw.