It allows you to corner into a turn at a higher angle while coasting. More "over" steer into the corner with lower settings.
Acceleration settings control the oversteer out of or through a corner when accelerating, and braking works the same way when using the brake.
If your car doesn't give you enough cornering angle when accelerating out, lower the acceleration settings to the point where you can control the throttle without spinning out. If your car loses cornering angle when braking or slowing down into a corner, lower this setting to the point where you don't lose traction doing so. Initial torque should be set to where you can coast through a corner at the highest possible speed without losing traction. This is for FR and MR cars. FF and AWD cars are different.
Basically lower settings let you steer at a sharper angle, at the risk of losing traction. Find the balance between a high angle of cornering and stability.