Someone gave me a giant bag of the stuff for free.
Can it be used as part of the mixture for potted figs?
Looks like it promotes air but also looks like it holds water?
Thoughts?
Looking for a use for it

Yes it can and you are correct.  It's similar to Perlite, but holds water better.  I mix compost, peat moss, vermiculite, worm castings, and rock dust for my mix.

You can add it to the mix, but it holds water, so has to be used to replace other water holding ingredients. Also, unlike Perlite, it can be compressed, and will "mat" down. So don't over do it. Use it as 5-10% of your mix.

My soil mix is peat, pine fines, perlite and vermiculite. I don't mix it - I buy it = fafard #52

Thanks all!

I don't use it because when I used it all those figs in it rotted. I'm in a very dry climate too. Works great in a vegetable gardening or starting seeds though, but not for figs. You need air space in the soil. If you still want to use it, do it very sparingly with other fluffy ingredients.