It's for drag racing. It applies the front brakes (well, on a RWD vehicle--I'm not sure how that is handled on FWD or AWD) and lets you rev the engine prior to punching it when the Christmas tree goes green.
It is primarily an appearance option. Do you honestly think aftermarket companies perform wind-tunnel tests and computational fluid dynamics analyses on these things?
That seems to be the post-pandemic norm. Dealerships require you to make an appointment, but will make no commitment as to when they will do the work (let alone when they will complete it), and won't give you a loaner.
They change the color options every year, and every year it seems they have one-year-only colors (often at extra cost). This is a cheap way to generate some sort of interest, without bothering to create any specific parts to go along with the color.
Ford has all kinds of weird colors that are...