What is the usage and role of
- What resides inside?
- Should this folder be populated if
redisis used for session storage?
- What happens if I delete the contents of this folder?
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What resides inside?
It contains the session files which stores all the session present in Magento like: customer session, cart session and other custom and core sessions.
Should this folder be populated if memcached or redis is used for session storage?
Yes, you can store session content in memcache or redis, it is safe.
What happens if I delete the contents of this folder?
If you delete the content of this folder you will lost all active session data, all the logged in customer will be logged out, customer's cart will cleared and other data stored in session will be lost.