The symbol is often used informally to show that some words are missing in a given text. The symbol is not used in formal texting situations. The meaning can also vary depending on the context that it is used.
Yeah I agree with blacknblond. That's what I use it for. Like if I mess up texting. I use the star symbol "*" then put the correct spelling. I also use it when I wasnt to show I'm doing an action that I can't do sense we're not in person. Like *hugs* And other stuff like that.