This is useless for soldering wires together on a workbench. For that all you need is something to hold one end of a wire.
But the one thing i could see this tool useful for is joining wires together in the field when working in tight spaces. Like soldering a wiring loom that already has both ends of a wire mounted in place in some hole on a car or boat or something. You can't pull the wire out of the hole to do soldering comfortably This lets you manipulate both ends of the wire without having to stick your whole hand in there, leaving lots of room to come in with a soldering iron. Especialy since you want to get your wires nicely parallel, otherwise it is hard to get heatshrink over it, or the sharp point could puncture trough the heatshrink.