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I saw this in the store today, what's it used for?

It increases drying time of paint so you can work with it longer for blending with a brush or to reduce tip dry when airbrushing.
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Essentially only really of immediate use for competition level painting where you want a very smooth blend. Or, if you’re working in an environment that dries out palette paint quickly.

Don't add it directly to your painting pots like you would an acrylic medium with distilled water, use it like a paint flowing medium on a wet palette or tile.

The effect you can achieve is wet blending, think of gradient tone paper back drops, where one color gradually turns into another.

I find it to be very helpful when I'm painting very fine details (like eyes). It prevents the paint on the very tip of my brush from drying between the palette and the mini, so I can use a very delicate touch when painting.

https://acrylicosvallejo.com/wp-content/uploads/2024/03/CC329-R00-Model-Color-NewIC.pdf

Retarder Medium 70.597: Increases color drying time, which is ideal for wet blending techniques. The recommended mixing ratio is 4 parts paint to 1 part Retarder Medium.