There are many reasons for using hand balancing canes. They obviously help with the balance, but can also be very useful for learning hand-to-hand handstands. Others use it to relieve wrist pressure or to gain more control.
Building hand balancing stands is not for everyone, but you can certainly build a set or two yourself and save some bucks – although this heavily depends on how much your time is worth to you.
If you’d like to skip that and just order one instead, you can do so here.