It is generally seen as one of the weakest formations, as it is very difficult to achieve good ratings in midfield and attack whilst using this formation. But defending trainers will make use of this formation because it allows them to train 10 defenders in a week (2 matches with 5 defenders each). Because the defence ratings will be good, CA is a good option with 5-3-2, especially against teams that are equally strong or stronger. Here are some variations:
With formation A a team tries to win at least some of the midfield.
With formation B a team tries to have a strong attack on one wing while still counting on CA.
With formation C a team doesn't care for the midfield and it's counting on CA alone. It is also an alternative for lower divisions if the only midfielder has an exceptionally high skill (e.g. titanic playmaking for divisions under VI is consideidered to be "a killer" but some teams that train defenders may afford it).