Performance condition is basically how much your efficiency (the thing that Garmin misleadingly calls VO2Max) differs from your own baseline.
Problem here is, your baseline is established mostly using your regular daily jogs and not workouts (simply because there's much more of those, or should be).
For things like alactic sprints, your performance condition will be greatly overestimated, because Garmin (FirstBeat, rather) thinks you are super efficient. In reality, it just ignores oxygen debt.
Same story for shorter intervals. Long intervals and continuous tempos you get overestimated less. Hill intervals, long hilly runs - underestimated.
Is it useful at all? Yes, it is. Assuming your VO2Max (Garmin's VO2Max) is established and relatively stable you can compare performance condition on similar runs, especially on non-workout runs. For a regular run, If it's significantly below zero, you're not recovered. If it's zero or above, time for a good workout (unless you're glycogen depleted, this can make you at the same time super efficient and feeling like sheet).