Lots of uses, but be careful... it's a potent corticosteroid, and like any of the rest of that family, it can have strong side effects People with congestive heart failure, kidney issues, high blood pressure or any adrenal issues should only use licorice while under the advice of a competent herbalist or physician who also understands herbs.
Licorice is a potent anti-inflammatory. It's often used in small amounts in combination formulas as a "helper" herb. I've found it to be very useful in gastritis and ulcers... in humans, horses and cattle. It would likely be useful in cough drops or syrup.
Lots of other uses, but be aware of the potential dangers. They do sell "Deglycyrrhizinated" licorice- licorice preparations that have had the glycyrrhizin removed, which does reduce the risk of edema, high blood pressure, etc BUT... in my experience, it also works a lot less effectively! But it is an option who can't use the whole root.
Summerthyme