Policy-Based Forwarding (PBF) can address routing specific types of traffic (like FTP) to different paths to save bandwidth on primary links. Additionally, PBF allows forwarding traffic based on specific criteria, such as source port, to direct traffic to a specific egress interface. This lets network administrators manage and optimize traffic flow more efficiently. In contrast, providing application connectivity when the primary circuit fails is typically handled by failover mechanisms, not PBF. Bypassing Layer 7 inspection is also not a function of PBF but instead pertains to security policies and inspection settings.