It is triggered in the 2 places:
1. Magento\Catalog\Block\ShortcutButtons::_beforeToHtml()
2. Magento\Checkout\Block\QuoteShortcutButtons::_beforeToHtml()
The event is used for adding some extra buttons below the «Proceed to Checkout» / «Go to Checkout» button.
See details in the article: How is the «Check out with PayPal» button implemented?