I've never flown an aircraft IRL but...
In AH, if you set RPM to minimum you maximize how far you can glide without engine power. Conversely, while gliding in for an unpowered landing you may want to put the RPMs back to max to lessen how far you glide if you think you might overshoot the runway, so be aware of that. It works like a speed brake in that regard.
If you have a radiator hit, you can greatly extend how far you can fly by not letting the engine overheat and blow, by cycling the engine off (not idled, but off) before the temperature goes max red. When you turn the engine off, also turn the RPMs to minimum so you glide further. After the engine has cooled down, you can turn the engine back on while simultaneously turning the RPMs back to full. You may have to cycle every few seconds, it can be a lot of work. Depending on your aircraft you can actually gain more altitude than you lose while doing this, but in the worst case you can extend how far you glide and maybe make it back to a base for a landing. Thanks to AH Trainer Rolex for teaching the training squad this technique.
If you have an oil hit, the oil for some reason stops leaking if you have the engine off (not idled, but off). So my strategy is usually to head back towards base at full WEP in a shallow climb until the oil is almost gone. Then glide at minimum RPM setting as far as possible. The last bit of oil will stay in the engine in case I can't glide far enough, or if I'm going to overshoot the base and need some powered flight to make another pass, or if some knit or bish tries to shoot me down and I need powered flight to make an evasive move, etc. In any case its almost always better to save the last bit of oil than let the engine lock up.
And finally, the engine settings are useful for extending the flight time. This could be when you want to loiter over an area, you're in a scenario and you know your fuel won't last if you use full settings the entire time, or you're almost out of gas (fuel tank hit or maybe you misjudged how long you could stay at the fight) and you want to make it back to base.
Of course people use throttle for other things, but usually aren't adjusting the RPMs in a dogfight that I'm aware of. As a side note, in the scenario I did, we were in A6M2s and we only adjusted the throttle to save fuel, not the RPMs. I think it would have been better fuel economy to adjust both but I just followed my instructions and it worked out.
Edit: Two important things I forgot.
The "E6B" on the clipboard tells you what the max cruise, WEP, and "military" aka full non-wep power settings are, and usually a setting or two in between max cruise and full power. If you want to maximize your fuel efficiency, set the RPMs and manifold pressure (throttle) to the max cruise settings. Technically this might not be the absolute best setting, but its close and you won't find better without experimenting on your own. Obviously the in-between settings sacrifice some fuel efficiency for better performance.
And your manifold pressure (throttle) and RPMs can change from what you set them at when you change altitude, so if you're trying to save some gas while in a climb or dive, keep an eye on them if they're not set to full, and adjust as necessary. This might not be strictly correct, but unless you're willing to research best fuel settings at every altitude, its the best we've got. They're also safe to ignore when they're set to full. Also note that WEP in some aircraft doesn't get you anything at certain altitudes. You can tell by looking at the aircraft's performance charts, or by looking at the manifold pressure. If it doesn't move when you turn on WEP, its not doing anything for you and you can leave WEP off at that altitude so you have it when you need it.