I’d never heard of it before you asked, OP. For others who were confused, Milo is a chocolate malt drink mix, not unlike Ovaltine or Nesquik in the US, which originated in Australia.
Besides a mix-in for milk and coffee beverages, it seems you can use it for ice cream (as a topping or as a flavoring in a homemade batch), in baked goods, puddings, oatmeal/porridge (I might try that!), fudge recipes and as an add-in for crumbles like you might use in graham cracker crusts. You can also use it as a flavoring in puffed rice cereal bars (Rice Krispie treats in the US) and probably on those sorts.of cereals directly.
Now I’m giving that can of Ovaltine in my own cabinet another look. Thanks, OP!