Its an isolation movement for the pectorals done on the multi functional pulley.
When the cable is perpendicular to the body, it represents the flat angle for the sternocostal fibres of the pectorals.
If the pulley is adjusted higher up, it would mimic the incline press and if adjusted at the bottom, it mimics the decline press (also called as the scoop up).
My recommendation is the decline dumbbell press (15 degrees) followed by the 30 degree incline dumbbell press. These are compound isolateral movements that comprise horizontal adduction of the shoulder with elbow extension, each side working independently of the other. These movements done with decent intensity translate into great pushing strength alongwith development of both the sternocostal and clavicular fibres of the pectorals.