Along with the other verses in my post, it certainly shows the seriousness of sin after coming to faith, and that a believer can fall away. The early church understood this seriousness and, partially because of such passages, it was held that there was no hope for a believer after committing grave sin, "sin that leads to death".
However, in the first or second century Calistus, the bishop of Rome, ruled that this was a misunderstanding, that, knowing God's mercy and desire for all to be saved, all sin is forgivable with a truly changed and repentant heart, and that person could be reconciled and restored back to the fold. This was highly controversial back in that day, but became the norm in all of Christianity in the ensuing years.
Now we have the opposite issue due to novel gospels. Some theologies understand Sola Fide to mean that we're justified as long as we believe we're justified. IOW, as long as we believe that our sins have been forgiven due to Crist's sacrifice on the cross, then they are forgiven- kind of like having faith in our faith, sometimes called "fiduciary faith". Either way this notion serves to extract the righteousness straight out of righteousness. Actual righteousness is no longer necessary in order for a person to be righteous. Forgiveness of sin is all that matters, not the overcoming of it. Ridiculous.