The non-volatile storage holds firmware, configuration data, or log files across power cycles.
108 MHz Quad SPI — the throughput angle
That is enough to feed a Cortex-M or low-end application processor without stalling on instruction fetches, provided the host controller supports Quad SPI and the layout keeps trace lengths short. The 3 ms page write time (typical) is standard for this density class — firmware updates over a slow link will be the bottleneck, not the Flash program speed.