The snowcube may be used quite similarly to a Force Bomb, albeit a lot cheaper and weaker. If timed correctly, you can throw one at the ground whilst falling and stop your fall, or "rocket jump" to increase velocity and air time.
These snowcubes can actually kill creatures if you just throw enough of them at one creature.
However snowcubes will not freeze water nor harden lava, nor turn hardened lava into igneous rocks or the like, like Freeze Bombs will.
Snowcubes also cannot be placed into the world.