This trick allows you to clip through the statue blocking your way to the cannon needed to access the City in the Sky. The cannon can then be warped, repaired, and then used for access to CitS. The trick allows you to skip the entire Temple of Time and half of Snowpeak Ruins, saving around 1 hour and 4 minutes in an any% speedrun.
Notes: If you do not get Auru's Memo before transferring the Sky Cannon to Lake Hylia, Auru will not appear, and you cannot get his memo. It's also important to note that if you attempt to repair the cannon before showing Auru's Memo to Fyer, and visiting Gerudo's Desert once, the game will crash.