In a very general sense, yes. However, you need to be much more specific as to what the tool is used for.
But he said 99% of us interact with it on a daily basis. Piano fails that. It is hard to imagine something that common would have a tool that no one recognizes, so it must be an uncommon and specialized repair tool for professionals to use on a common device. Or . . . one of those specialized and totally unnecessary tools that most of us have in our kitchen drawers. Like egg scissors.
I've never even heard of egg scissors before, much less have a pair sitting in my kitchen drawer. But, that's just me.
Shane is correct in that it is used to set/unset a spring of sorts. It is a tool (not usually for repair) used by professionals on a very common device.
Is it a tool used by a locksmith, perhaps to set/adjust/unlock a locking (door, auto, etc) mechanism?