Yes That there are several things:
1) I use it for making a small pilot hole to start a tiny drill bit.
2) Sometimes I need it to widen a ring bolt.
3) the taper shaft allows to make any size ring. (Use a vise to hold tool).
4) thin CA will gather at tip (droplets) to apply to very confined areas.
5) punch holes in sails for rigging.
6) use the tip to hold a part via stab the wooden part just enough to keep the part on tip so you can put glue on part and place it into position. Sometimes tweezer jaws get in the way. Having a part gently stabbed on tool you can place things easier in tight places. When glue like CA starts to dry, then pull and part will stay. The stab is just enough to hold the part on end of point.
The tool can be made w larger diameter stock. If you need one special, I can do it. My lathe got the tip down to about less than .25 mm and I used a fine file on tip to almost make it like a needle.
The taper is about 7 degree which is just about the limit can be made without a lot of flexture of stock while making it. The taper takes about an hour making very fine cuts.
I have a knurling tool that makes the diamond pattern.
The only thing that has not been done was to harden it (heat treating and quenching), but for modeling it is strong enough.