How to use Color Palette generated by Resolve

Recently I have been talking with a set designer about color palettes for an ongoing narrative project. I remembered that in Resolve 15, in the Effects library, there is a Color Palette generator. Since I have been taking test shots for the project, I would bring it to Resolve for grading the test (some to generate looks). I've started adding a node and drag the color palette generator on it. I think it is nice that you get the color palettes for the shadows, highlights, etc. But then I wonder how I could best use it, or even simply put, how does one use the color palette that's generated by Resolve as it relates to color grading? I'm sure it is there for a purpose and that some of you are making use of it. Can someone familiar with this feature explain the purpose and how to use it when grading? Thanks!