A seekbar is really only letting you do stuff in one dimension - this is two.
Well, let's say that the two levels are controlling different lights. The period across the screen is 24 hours, and the Y axis is the brightness of the light
Instead of setting up on/off times, you might decide you want one light on at 50% all the time. So you might tap to say "Set channel A" then just draw with your finger a line across the middle of the screen.
Then, for the other light, you might tap "Set channel B" and drag your finger across at the bottom, until around 7am, then slowly upwards until it's at 100% by 9am. It might stay there, then fade back down, and up, at different times of the day.
Instead of filling in a schedule, you're drawing the settings you want, across the X (time) axis. You could use the same for temperatures, audio volumes, and so on.
I think for a lot of people, if you have something like this that changes over time, it's easier to visualise when it's represented in a graphical way, and if you're displaying the representation graphically, it would be a shame not to be able to create the settings that way too.