
So, after talking to Microsoft support, it seems that this service worker is used for SharePoint Online partial offline availability. I've checked and yes, when that service worker is disabled, then I don't have page cached to access offline. But when it's enabled, I do get some page offline.
It is not perfect now, but could be updated over the time, as they are constantly updating it. Last update was 10 days ago (you can see by the logs generated by odspserviceworkerproxy.aspx.