The identity I don't believe comes up in a large way anywhere. It's just a special case of Euler's formula where [itex]x = \pi[/itex].
The remarkableness of the formula is that it contains addition, exponentiation, multiplication, two irrational numbers (and two very important ones at that), the imaginary unit, 0, and 1. And it's mighty nice to look at. That's about it, though. There really aren't many applications for an equality like this. The applications come from the general case, which actually helps us a lot in various areas of engineering and physics.
The usefulness doesn't come from the fancy numbers in it, but from the way it connects two important areas of mathematics.
Knowing that [itex]\sin^2 ((17.8392)\pi^{e + \int_{1} ^7 5 - \log(\sqrt{14}) \ dx}+8/\phi) + \cos^2 ((17.8392)\pi^{e + \int_{1} ^7 5 - \log(\sqrt{14}) \ dx}+8/\phi) = 1[/itex] (which is true) doesn't mean anything to us. What's applicable is the generalized case: [itex]\sin^2 x + \cos^2 x = 1[/itex] for all [itex]x[/itex]. That's what's useful to us. The former example is just a special case of the latter.