What could be the contemporary use of this contraption in cricket?

Use it instead of the flashing bails in T20. You'll see the flash and hear a noise when the bails are broken. Useful for umpires that have notriously poor eyesight, although you run the risk of maiming the guy at square leg.

This can be use instead of cheerleaders on every boundary or on wicket make the noise with the fire

Hold it by the barrel & hammer the stumps in,lol.

You can fire it to start the game and to end it.