it's used to meter the pre amp level for that channel.
Plug in mic or instrument, turn down fader, push PFL, watch meter and adjust pre amp/trim level so peaks are around or just below 0 level, push PFL to turn off.
turn fader up and mix as desired. IF you adjust EQ on a channel you need to PFL again to adjust as EQ will change the level.
I also use it to troubleshoot noise issues. If Im getting some noise in a PA system, I put on headphones and PFL each channel 1 at a time to hear if the noise is coming from one of the channels.