Same sound, smaller file
An MP4 video and an M4A audio file use the same container and usually the same AAC audio codec. That means the sound can simply be copied out of the video into an M4A file: no re-encoding, no quality loss, and it takes about a second even for long videos.
M4A plays on iPhones, Android phones, Windows, Mac and in most music apps, and is much smaller than WAV. If the video uses a different audio codec, it is converted to AAC automatically.
Good uses
Turn recorded lectures into something to listen to while commuting, or keep the soundtrack of your own videos as audio.
About MP4
MP4 videos usually carry AAC audio, which can be saved as M4A without re-encoding.
About M4A
M4A is AAC audio in an MP4 container. It is compact, sounds great and plays on iPhones, Android, Windows and Mac.