The filter component is a new and recent component, with more advanced options that will make the interaction of the dashboard even better. It is used as a simple selector or as a more advanced selector with multiple choices. The selection of all or none options is also available and achievable by setting some properties. The component also provides server-side capabilities that can be used when the number of elements to be displayed is too high.
I would dare to say that it's replacing the select and multi-select components. It's more powerful, able to provide single and multiple selections, and has a lot more improvements, besides the fact that it is even more user-friendly when using a select component with a plugin. If you also need to extend its capabilities, you are able to. Do not hesitate—just use it.
As with any other component, you need to at least set the Name and the HTML Object property where the component should be rendered, and if it's a select component...
