One of the main uses of a PLL is basically an opamp for clocks, with input/output in frequency instead of voltage. You put a transfer function in the feedback (for example a divider) and you get the opposite transfer function in the output (in this case, gain). Just like an opamp wired for gain. Similar loop stability conditions apply (plus a few more, due to its discrete time nature).
So if you want to run a >100MHz-GHz CPU, you won't use a crystal oscillator at that frequency. That would either be expensive or unobtainium. It is much cheaper to use an oscillator at something like 8-33 Mhz and multiply its frequency with a PLL, especially since these days, the PLL is integrated inside the CPU chip anyway. The multiplication ratio can be integer or fractional, and if the specific PLL allows it, it can also be changed on the fly with the VCO transitioning smoothly from one frequency to the other without generating glitches or short clock periods that would violate the timing requirements of the device that it clocks. A fractional-N PLL can also multiply by a real number, not just a fraction.
The PLL in the question doesn't have a divider in the feedback network, so it won't do frequency multiplication. The other main use is clock recovery and cleanup. Say you have a data transmission with embedded clock, like Ethernet or USB. The clock has to be recovered from the timing of its edges. But when your signal has two identical consecutive bits, there is no edge between them, the signal level stays the same. So, to know when the first bit ends and when the next bit starts, you need a free-running local clock that is synchronized to the data being received. That's what the PLL does in this case, while also cleaning up data-dependent jitter.
Another use of a PLL is phase-shifting a clock. Say you have a clock, and you want a copy of it, but with the edges shifted by a delay "t" that can be positive or negative. A positive delay is not difficult to implement, but a negative delay requires time travel. So instead you use a PLL, synchronize its local oscillator to the incoming clock with a phase shift "period-t" and you get your negative delay.