I have a Catweasel MK4 and it dose work as a floppy controller you can connect 2 floppy drives to it so you can have both a 3.5" drive and a 5,25" drive connected at the same time with the supplied floppy cable.
The pass-through connector allows you to have the same drives connected to your PC's motherboard and boot off them as normal and use them under Windows so when you are not using them with the Catweasel to create or write back disk images of with WinUAE to read Amiga disks you can use them to access PC disks as normal without requiring an extra disk drive connected to your PCs motherboard.