These inexpensive Y cables (stereo TRS to a pair of TR ¼" plugs) are irreplaceable in the project studio. Even today, when most processing is done in the digital domain, you always end up needing these cables for channel inserts, or to conveniently split the signal from a headphones out into the mixer, or (with a ¼" to 1/8" adapter), to get your phone/mp3 quickly into the desk, etc. etc.. The possibilities are truly endless, and you can't have enough signal splitters around :-)
The build quality of this cable is OK for the controlled environment of a home studio. Definitely on the plasticky side of things, but you're not going to use these cables on the road anyway, where built quality is extra important, so it's not a big deal.
Recommended!