They make opening split rings straightforward, so you can quickly swap hooks, spinner blades and other components without any awkward fumbling.

They have a dedicated split ring tip - a small notch or pin at the front of the jaw that hooks under the split ring to open it.

In principle, yes - but it makes sense to have one pair for very small to medium split rings and another for large to very large ones. It comes down to handling and the size of the split ring tip: a very large tip can easily damage or bend small split rings, making them unusable.