It's an AFK farm for all 6 hardmode bosses, and can be used to repeatedly summon and kill all of them within 2 minutes except Plantera (you need to wait until the Plantera Bulb respawns in the bulb spawn chamber).
I don't know about terraia, but in Terraria they're quite a chore to build, and pretty pointless as the only time buffs are really needed is the Frost Moon, and by then you should have a nice provision of chest-found buffs to use.
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