What can I do with arbitrum?

I'm curious, what exactly can I do with Arbitrum? I've heard it's a blockchain network designed to improve scalability and reduce costs, but I'm not sure how that translates into practical use cases. Can I use it to make transactions faster and cheaper? Are there specific types of applications or services that are best suited for Arbitrum? I'd love to learn more about the potential benefits and opportunities it presents for users like me.