When it is down you should put at least a thatch walls around it so you and it can stay in there until it is tamed and then fly it back with a bird or if you brought a Dino let it follow it when your riding and it will follow.
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.