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Physically it enriches our blood and helps with our energy.. low iron in the blood is anemia and can cause you too be extremely tired and lacking in energy and cause large dark circles under your eyes.. It helps us be stronger I think... But as far as how.. I am not sure...
I believe the the meteorite partially answers your question. It is concentrated in minerals and as elemental iron in the core of planets. This makes it special as the planet's magnetic field is probably closely related to this iron. this has broad ranging implications or all sorts of things.It is also a key or primary part of the Industrial Revolution - for better or worse.
The iron limit:The buildup of heavier elements in the nuclear fusion processes in stars is limited to elements below iron, since the fusion of iron would subtract energy rather than provide it. Iron-56 is abundant in stellar processes, and with a binding energy per nucleon of 8.8 MeV, it is the third most tightly bound of the nuclides. Its average binding energy per nucleon is exceeded only by 58Fe and 62Ni, the nickel isotope being the most tightly bound of the nuclides.