Icon - Drag icon out to create shortcut to this folder

Are there any tricks I’m missing for that little Dopus icon to the far left in the Address bar titled “Drag icon out to create shortcut to this folder”. It seems important enough to have a dedicated icon but I couldn’t find it in the documentation and about all I’ve figured out it can do is create a shortcut in and to the folder that’s already open or drop a shortcut into a folder someplace else.
If I don’t use it so can I hide it?

Preferences / File Displays / Border / Display icon to turn it off.

Oddest thing happened. I turned it off then missed how the little bit of branding marked the beginning of the bar so I turned it back on. I won't use it much, but I like it visually. I think you should redo the icons a little and make the rays around the sun a little more prominent. It looks mostly like a plane little circle.