This is a great exercise for training your back through a big range of motion. It gives you the ability to both flex and extend your spine a lot, making it a great strength & mobility exercise.
I would treat this as an “accessory exercise” rather than a “primary exercise”. By that, I mean I wouldn’t put a huge amount of focus on it, the same way you might for a bigger movement using more joints and muscles, like a deadlift or pull up, but it’s still worth including.
Something 2 sets of 8-12 reps, 1-3 x week, would be good.
It hits the hamstrings and glutes reasonably well too.