If you keep it attached to the foot while sewing, it can be slightly bulky in your storage box. Most users detach it and use it as a reference card, which somewhat defeats the purpose of it being a "key" attached to the foot.
Here is the secret that many seasoned embroiderers know:
If you have a collection of presser feet (Buttonhole, Zipper, Overcasting, Blind Stitch, etc.), it is easy to forget which foot is meant for which specific utility stitch. This tool instantly tells you if you have the right foot attached, saving you from breaking needles or ruining fabric with the wrong setting.