Since I don’t have 360 cam, I can tell you that on mine other button in shortcuts turns on parking sensors and reverse camera, so it is useful if you want to turn on sensors yourself.
To be on the safe side, there is an option to automatically stop while maneuvering (not directly linked to park assist), so while you go back-and-forth in parking, it slams the breaks before you hit something.
DISCLAIMER - It did work from time to time for me; not sure will it always “catch” you and prevent damage, so still you need to be careful and take it slow until you get a feel for the system.
As people said, it is interesting gimmick, or maybe helpful to some new drivers, but if you drove cars before for more than 5 years, you’ll realize that it is actually slower than doing it yourself. However it may
help you get the feeling of dimensions of the car…