Used as a catalyst in organic synthesis, particularly in oxidation reactions and cyclopropanation processes. Exhibits good activity in the decomposition of diazo compounds to form carbenes, which participate in C–H insertion and cyclopropanation reactions. Also employed in photodynamic therapy research due to its ability to generate singlet oxygen under light irradiation. Serves as a model compound in studies of electron transfer and photochemical behavior in porphyrin-based systems. Its stability and redox properties make it suitable for use in electrochemical sensors and as a component in artificial photosynthetic systems.