This is basically an upgraded raptor. You can use them to collect meat, travel, and cave exploration. They're great for taming other dinos. Bring them along when you tame other dinosaurs so you can easily kill anything that tries to attack you or your taming dino.
It is a very fast mount, especially when you sprint + jump. It is stronger than a raptor, weaker than a carno(in the wild). Tamed if you level it up enough it can even take on a rex. It harvests a lot of chitin and hide, even more than it harvests meat. Perfect creature to cave with.