If this card is sent from the field to the Graveyard: You can add 1 Level 5 or higher Insect-Type monster from your Deck to your hand. If this card is banished: You can send 1 Insect-Type monster from your Deck to the Graveyard, except "Resonance Insect".
Resonance Insect's effect works best with Doom Dozer, which is another card in the same box. Sending Resonance Insect from the field to the grave lets you add a Doom Dozer to your hand, as well as setting up to special summon it. Using Resonance Insect as cost by banishing it from the graveyard will activate its second effect, setting you up to summon for another Doom Dozer. But if you don't have a follow up play for sending your cards from the deck to the grave then you'll end up milling yourself.
You can special summon monsters sent to the graveyard from the second effect, or use it to bring back Resonance Insect back to the field to use its effect again. Powerful Rebirth works best for summoning lower level monsters, especially since it won't destroy the monster it summoned if it's removed from the field. This can be used to special summon Anteatereatingant.
Using the other cards from the same Box, it also works well with Metamorphosed Insect Queen since she can be searched from Resonance Insect's first effect. Or you can summon her from the deck by using Cocoon of Ultra Evolution. An equip card that you can use for ultra evolution can be cards like Metalmorph to get over high attack monsters. Cocoon of Ultra Evolution also has a draw effect that you can use when it gets sent to the grave.
Activates from your Graveyard / Adds from Deck to hand / Sends from your Deck to your Graveyard