Yes, is used to quickly rescale everything on the [0,1] range (1.0 included, not 0.9999). For color images, there is an option to rescale to the absolute minimum and maximum, or each channel's minimum and maximum. This may be useful after noise reduction, to gain quickly a bit more contrast, from the now unused parts in the shadows (of the dynamic range).
Another field of application (where I use it a lot) is to rescale images that have out of range values (lower than 0.0 or larger than 1.0) as happens with some professional astronomical data stored in 32bits floating point fits files, and files comming from medical DICOM format...