It goes into a large pile of wrist straps .
In ten + years of playing with flashlights I’ve never used one for more than 11 seconds
If it also comes with the brand logo, I would attach it to the flashlight. 
I throw mine right in the trash, along with anything else that I don’t need. I’m anti-clutter. If I was taking it rock climbing or deep sea fishing or some other scenario where the light would be gone forever if I dropped it once, I would use the wrist strap. Other than that, forget about it.
I use it! You do not want to drop a light around where I live and you are always doing something else like working on something. If you drop it in the brush you get a zillion burrs picking it up. No sidewalks and paved roads, no streetlights, just natural beauty.
Usually leave it if it’s already installed and don’t use it unless I need to let it dangle while on if I need two hands.
I attach it (or leave it attached) to the light, but don't 'wear' it unless there's a risk of dropping the light into some inaccessible or damaging area.
I have many of the old 3xAAA/9 LED HF lights they used to give away years ago. The lanyards are quite short, but I like them on good 1xAA lights that didn't come with lanyards just to loop around my thumb or a finger for drop security.
slmjim
I drop stuff. Installed and used on every torch I have in the 18650 and up size range with minor exception. The only 14500 light I use a wrist strap with is my SP10 PRO.
I chose the 3rd option!
And as I stated in a more or less similar thread , I have flashlights with lanyards and them I have lanyards without flashlights 
When the going gets tough ……… the lanyards come on.
well, it depends.
the little “wrist” ones are usually discarded.
the long “neck” ones are used multiple ways.
the quick-release ones are for dog leash training.
the colors other than black are popular with kids.
different uses over the years….
1. overhead light fixture pull cord repair.
2. walking cane retention for my father-in-law.
3. tension adjustment for tent stakes.
Once in a Blue Moon I use them on a light.
More often I use them on something else.
Most often they are stored.
I’m pretty sure that’s a screenshot of one of the bosses in God of War.
I use a wrist strap with coke-can size multi-18650 lights. Big lights like that are delicate. One drop would probably destroy the lens.
However, most of the time I use single-cell lights. I never use wrist straps with them.
I do have a nice bag of unused wrist straps though in case I ever change my mind.
I’ve learned the hard way it is better to use the wrist strap, especially when the light could fall from higher than a meter.
So I immediately attach it to the light after unpacking and use it when needed.
The only times I don’t use it are when drop height is less than a meter and half or when a dangling flashlight could become cought in a machine or engine. In that situation I prefer to lose a flashlight instad of losing a hand.
I put them all in a drawer in case. I put two in there last night!
Mostly I just store them away. If the light has weak texturing and I think I might drop it while using winter gloves I keep the lanyard on.
The Catapult V6 is a good light but in my opinion the handle texture is of dubious merit. I left the lanyard on that one.
I don’t trust them so I use them to hang my AAA lights around dark areas.
For heavy lights, I use heavier cords.
I throw them all in a box, to be taken out only when selling off a light.
I keep it on. If I need it, it will be there.
I find that a wrist strap is marginally more useful than a pocket clip, but it’s still pretty rare for me to use one. The only times I put one on is when I’m doing an activity where light is critical and the light might get away from me in a place I couldn’t retrieve it if I were to drop it (backpacking, caving, etc), and occasionally if I think I might want to hang it. Other than that, the straps stay in a drawer until I repurpose them or get such a pile of them I throw some out.