Provide tools for translation and display of text in multiple languages and support for regionalization/localization for dates, numbers, currency, measurement, or other local contexts.
Allows translation and localizing of Panels pane titles that were specified in the Panels UI.
Aren't there other ways to solve this?
Absolutely, and I don't necessarily recommend this module for all cases. Ideally, you would be managing the pane title via a token or a generated title callback in the content_type plugin.
That being said, there are plenty of instances where you're forced to type the title in manually, or have parts of the title be literal strings while the rest is replaced with tokens. And in those cases, on a multilingual site, you're going to want a way to translate those strings.