While Anchor Hook can be used on terrain for a faster escape, it can be unreliable as the terrain hitbox often differ from the actual textures. Only attempt this if you are positive you'll be able to land it properly, or your escape will be delayed instead.
If a ranged ally ('naut or non-buzzsaw droid) is tanking a turret for you, it might be a good idea to use Drop Anchor just to enable your ranged Ink Spray to attack it without taking damage.
When trapped by Drop Anchor, destroying the anchor is almost always better than staying and fighting. Specially if Swiggins has his team nearby.
If the anchor fails to latch on to you after it hits the ground, it will not do so again. Approach it without fear.
If you are anchored, make sure not to fall through platforms. They might hold you in the air, making you very vulnerable to all attacks. If you do happen to get in this situation, use a ranged attack or ability to take the anchor out as soon a possible and use the help command to get your allies to help you.