This intrinsic, together with deoptimization operand bundles, allow
frontends to express transfer of control and frame-local state from
one (typically more specialized, hence faster) version of a function
into another (typically more generic, hence slower) version.
In languages with a fully integrated managed runtime this intrinsic can
be used to implement "uncommon trap" like functionality. In unmanaged
languages like C and C++, this intrinsic can be used to represent the
slow paths of specialized functions.
Naming wise, I liked the term side exit much better.