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.