Ultimately, this camp serves as the staging area for the "Rescue from Fort Neugrad" quest. The fort's subsequent capture will solidify Ulfric Stormcloak's hold over Falkreath Hold, which is a milestone in the Liberation of Skyrim.
After completing "Rescue From Fort Neugrad" during the Liberation of Skyrim, all the members of the camp will be relocated to Fort Neugrad, the map marker and the camp itself will be removed from the World Map and Skyrim.
If the Imperials win the civil war, the camp remains with its leader and his Stormcloak remnants planning for the unknown.
If they are Stormcloak, the Dragonborn can use various crafting facilities, check the map on the table found in one of the tents in order to update their own as well as search a few chests for a random loot.