What should the Windows "Up" or "Alternate Select" cursor be used for?

I'm working on a Xamarin effect to enable cross-platform custom cursors, and ran into a cursor I have never seen used before on Windows:

enter image description here

In the Windows Runtime API, it's referred to as UpArrow, and simply described as "The up arrow Windows cursor" (source), although in the old control panel it is described as "Alternate Select".

What on earth does it mean/what purpose does it serve? And considering it's hardly ever used, would it make sense to use it in any situation?

Tags: , , , , , ,