While everyone shoes you how to make a waveform on said generators and show them on oscilloscope, nobody tells you for what you actually use it as an application?
say you wanted to build an oscilloscope, you need to test it. same idea if you have a circuit that you want to test with some input you can use the arb to generate that input instead of needing a "real" source for it. those modulations he was talking about are ways you can basically use this to make a radio.