As it stands, it's most practical for quickly swapping between the two most recently used apps. If one wishes to switch to a different app there's a lot of time spent keeping the keys pressed down, especially since the order of the apps will keep changing (c.f. report #487560).
This is a use case for sticky keys. Is there a reason why that doesn't work for you?
Well, I'm dumb - I was going to write that sticky keys doesn't seem to be the solution since it only seems to allow me to switch apps like I tapped the shortcut whereas I want to bring up the menu that comes up when you hold it, but as I was typing it occured to me the overview menu exists. Never mind.