It's a quick way to apply the same set of changes to multiple environments.

It removes the need to download and compare the metadata from two environments, speeding up the deployment process.

It allows you to tightly control the exact changes being released, as Gearset won't re-run its problem analyzers on the package.

Although the package will be identical, you won't see a comparison of the differences you're about to apply to the target, so it's possible that you may get different results when applying the package to different environments.

Deployments will still need to meet the usual Salesforce requirements, such as code coverage and component validation.

Gearset will still take a snapshot of the target environment pre-deployment, to allow rollback.

From the deployment history page, select a successfully deployed package to expand out its row in the table. Click Deploy to target.
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On the pre-deployment summary screen, select the new target location to deploy the package to. This can be an org or a connected source control system. You can also review and modify the deployment notes, friendly name, and any associated tickets/work items to update. Notes from the deployment being re-used will be pre-populated for you.
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Click DEPLOY NOW or VALIDATE DEPLOYMENT.

If you picked VALIDATE DEPLOYMENT, you'll see the usual validation screen with real-time reporting on the validation status. Once the validation completes, you can either run the deployment or schedule it for a later time.

When you click DEPLOY NOW, you'll see a slightly different deployment screen, titled Backing up metadata. Gearset will now take a snapshot of the target environment and then apply the changes. This snapshot will use the same metadata filter as the package you are re-using.
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Once the deployment completes, you'll see the usual deployment summary screen. The deployment result will also be stored in your deployment history.
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You can roll back changes deployed this way in the same way as a standard deployment.