This caramel-brown type of rock that the striped biomes of Canyons are made of is the rarest type of canyonstones and can only be found rather high up.
Mining/taking Canyonstone is one of the unlocking requirements for the crafting recipe for Stucco Wall, which will then be required to unlock more Canyon-related recipes when being crafted or taken.
Additionally to that, Canyonstone can be used in other recipes that will accept different kinds of Canyonstones, like Wood Gravel Wall, Barred Wood Window, Cobblestone, Mossy Cobblestone, Blue Adobe Wall, Red Adobe Wall or Yellow Adobe Wall.
When Canyonstones are placed into the game world as they are, Dustevils can spawn on or near them during the (ingame-) day, also more rarely Trogs, ordinary Leafies, yellow Pigsies or even Dried Leafis.
Wood Treasure Chests might also randomly spawn on this surface block during the night in complete darkness, no matter where these blocks have been placed.