Yes, that's an audio ADC. It's normally used for recording.
It's basically the input-half (A/D) of a soundcard. You can run the output from an analog preamp or mixer into it, and the digital output goes into a digital audio recorder, or into a computer.
Or, you could run it into a home theater receiver with digital audio inputs. But, there is not much advantage of converting analog to digital, only to run it into your receiver's digital-to-analog converter... In fact, the estra processing will theoretically degrade the signal.
For you computer, you'd need a sound card with a digital audio input (electrical RCA, not optical Toslink). Since it has "consumer format options", I assume
the thing puts-out S/PDIF, which is the standard for DVD players and other home audio.
The inputs are balanced, which is standard with pro audio. But they are not mic-level,
they are line-level. In general, you can mix and match balanced & unbalanced connectons. This page
shows the various wiring options.
24-bits is standard for pro and high-end consumer equipment. CDs and regular-cheap soundcards are 16-bits. But, don't expect a big improvement with from 24-bits. The people who do blind ABX tests have found that you can rarely hear a difference between 16 and 24 bits (all-else being equal).
However, you might get better recordings with this device, since it probably has a much better (lower noise) analog stage than a standard soundcard.