I’ve been using it or something like it for decades, starting in Australia with a similar product. In Adelaide (really, Para Hills) I lived in a double-brick house with the interior walls rendered in plaster over mortar (no straight walls!) and used it to fill holes to put screws in when attaching something to the wall. Just drill the hole, blow the dust out, fill with Bondo or something similar, wait for it to set-up a bit, then screw those suckers in.
Later on, in the sign business (hand-carved and sandblasted wooden signs) I used it to correct defects, mistakes (you can carve it with woodcarving tools) and for installations. You can sand it, prime it and paint it.
Today, I am using it to repair closet doors. We live in an old house and the conman-contractor we used to work on the place prior to moving in hired fellow-idiots and additional untrained, loser-type, cheap labor (caught them smoking weed one day) to repair and paint the place. You can see one of their messes (there were many) made when hanging the closet doors in the first picture. They are adjustable hangers and, being carelessly installed, had become loose and caused the doors to drag on the carpet. The repairs, however are pretty easy thanks to good ole Bondo.
I mixed the putty with the hardener and sqwunched it into the stripped-out screw holes, let it set a few minutes, replaced the hanger, and screwed it in. After it sets up nice and firm, I will re-hang the doors. Not only will the Bondo secure the screws but it will act as an adhesive for the hangers.
And no, in case you were wondering, I’m not getting paid for this endorsement. Pity.