It makes it easy, fast and presicely for you to make bigger cut outs. Another big advantage is that the latex can not slide away, you avoid uneven cuts and save time.
It got a round and very sharp blade, which is usually disposable. You will find it in different shapes and sizes for your projects.
The regular rotary cutter got a straight blade, which you will use for the regular cut outs of your latex clothes. You can buy it at a good price in a regular home improvement stores.
Another kind of rotary cutters got fx. a wavy blade, what can be pretty helpfull for you if you would like to make small applications on your latex clothes. You can buy it in regular hobby crafting shops.