visually hidden class

Hey, could somebody please explain in which use cases a visually hidden class should be used on an element and on which elements? Along with this could I ask why we need to use the clip and position: absolute properties within this class? Thanks in advance!

.visually-hidden {
  border: 0;
  clip: rect(0 0 0 0);
  height: auto;
  margin: 0;
  overflow: hidden;
  padding: 0;
  position: absolute;
  width: 1px;
  white-space: nowrap;
}
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