The baking soda helps give the CA glue some body. I don't know about you, but I've never been able to get plain CA glue to perfectly conform to my desires; it either hardens with a depression in the center, or you have to use thick CA glue and sand a large mound down. With the baking soda and thin CA, you can fill it, then scrape off the excess, so that when you hit it with the thin CA, it's already pretty much level. Plus, like I said, it kicks it hard, so that it dries almost instantly (puts out some heat too, so I wouldn't advise trying to do really big fills all at once).
I prefer it over putties in that when you have pin holes, you tend to have a lot of them. This allows me to pretty much get them all in one sitting as opposed to putty - wait - sand - inspect - refill areas that shrunk, etc.