Well, I use it to switch the CoDi on or off. A long press seems to reset the CoDi somehow (?). A long press while open gives a menu of options: Shutdown/Restart/Screenshot. Well, just realised that, the latest can be useful actually.
In Cosmo settings you have an option to answer a call in speakerphone mode by pressing the silver button. Never tried that one. And don't know about the Voice assistant, since I've disabled the function altogether.
-iikka