Yes. Normally when you cast a spell it takes a couple of seconds for your spell bar to open up to casting another spell.
Using instaclick items instantly refreshes your spell bar's cooldown timer.
Putting these two facts together you can
Cast spell
Finish casting spell
Hit instaclick
Cast spell
instead of
Cast spell
Finish casting spell
Wait a couple of seconds
Cast spell
Which is pretty useful.
It also has some interesting interplay with how spell slot 1 works, but that is a little more complicated and I won't go into that now.
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