It's not a throttle lock, it's a friction adjuster and it's designed to control how much force it takes to hold the throttle in a given position.
When properly lubed and adjusted, the throttle should be easy to turn but will take almost no force at all to keep in position.
It should never be adjusted tight enough to act as a "cruise control". Get an actual VistaCruise or throttle boss for that or something.
Don't loose the friction spring inside that's shaped like a bent "U", replacing them is a hassle these days.
Later bikes omitted these as a cost-savings measure I suspect. 750's had them in K0 and K1, not sure if K2's had them.
I'd keep it if you already have it, just make sure it's greased and properly adjusted. Mine doesn't have a thumbwheel, it has a slotted adjuster screw with a locknut. I set it and forget it
mystic_1