Help me understand the upside potential in Box Spread

I understand we have delta "neutral" and consequently "riskless" profit with Box strategy. Why the prevalence of this strategy with S&P 500 in the options market right now? General uncertainty about Fed's next move? Are the institutions using this strategy en masse with leverage to generate higher yield than they could get in commercial paper market right now?

Under what conditions is the box spread most appropriate and is the upside limited to the put strikes? Is there a way to tease it?

 

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