You can use it in high contrast lighting situations. Color negative film will still produce decent results in situations that would call for N-2 development of most black and white films. But in general, try not to use the extra latitude. Proper exposure is still needed for excellent results. One of the nicest things about color negative film is that it is forgiving of the many minor oversights a careless person like me makes.
Exactly, 'exposure latitude' should be called 'highlight-exposure latitude'.