Yoneda (and its duel Coyoneda) is well known in the Category Theory field and has been ported over to functional languages such as Haskell. Each have their uses - sometimes in similar scenarios, also in very different ways.
This will be a newbie's explanation of the concept, using Haskell to illustrate, without any Category Theory.
From what I've read, the Yonedas are not 'daily-drivers' (not used everyday), but rather can be pulled out when the time is right.
Uses: Both Yoneda's can be used to help speed up a program where there are many fmap
with long lists or big trees involved. Coyoneda can be used if you want to create an 'interface' and build up calculations, then pass those calculations to an 'executor' to run them.