While at first this ability may appear to be really not that useful - since all it does is let Soma perform short dashes forward - and may appear to be quickly outclassed by the Black Panther soul for a much better effect, it can be used along with a Bullet Soul that has zero or high projectile limits (like Killer Clown) to spam it incredibly fast while moving forward - as fast as one can tap the attack button. This makes it arguably essential for obtaining good Boss Rush times. However, this will rapidly consume a high amount of MP, and as such, Soma might find it to his benefit to equip the Chaos Ring before even attempting to use it.
It can also be used in conjunction with the Slaughterer or Hell Boar souls in order to quickly get near an enemy and unleash a tremendous amount of damage.
An unused Guardian Soul sprite shows Soma transforming into a werewolf and rushing forward. Thus, it would be possible that originally, the Dashing soul was actually another Soma's transformation rushing at enemies, just like Valkyrie's and Barbariccia's from the same game.