What does Auto Binding do?

Hi, can someone tell me what does auto binding do and how it can be useful?

Method 1 (without autobind)

Input Field
User Clicks “Save” Button
Save the name against the User

Method 2 (with autobind)

Input Field autobind this field against the Current User’s Name field
Every time the User updates the field it automatically gets updated in the database

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Thanks for explaining! I hope you have the time to answers my other questions on this post.