Anything Revit can do manually, the API can usually do programmatically - bulk-editing parameters, generating custom reports, automating repetitive modeling tasks, or building entire custom tools. Dynamo and most third-party Revit plugins are themselves built on top of the Revit API; power users write directly against it in C# or Python (via pyRevit) when they need something beyond what visual scripting offers.
Revit API
Revit Application Programming Interface