A maximum of 5 charges can be stored in the bottle and used to release a single wind current each. It can be used an unlimited amount of times as long as you charge it. Using a charge puts the item on a 100-second cooldown. A single charge will create a wind current for about 9 seconds.
The mutated Amenograna found in Dragonspine will also charge the Wind Catcher. There is no change in the wind current created.
The Wind Catcher cannot create upward currents while the player is in combat.
Note for co-op: It appears that you cannot pick up Anemograna/charges in other players' worlds, but the item can still be used/charges still be consumed.
This item was designed by Knights of Favonius scholars to help the Knights on their scouting expeditions and travels by affording them the ability to manipulate the blessings of the Anemo God. In order to take advantage of its wind currents with a wind glider, however, you technically need a gliding license - this has prevented it from becoming widely used, at least legally anyway...