In my opinion, not good for scrapbooking or papercrafting purposes because it is very thick and liquid and if you aren't careful to make a smooth, thin, even surface it can lead to wrinkles and warps in your project.

PVA glues work well on paper, wood, cloth and porous surfaces and mixed with glitter to create shapes on smooth plastic surfaces that can be peeled off when dry to attach to other things

I use this for art as well as for re-doing the spines of hardcover books, it dries clear and very flexible

Also, this glue doesn't smell as if you're trying to dump chemicals into your project in the hopes of starting a new sci-fi novel to get out of doing your homework