I personally use it for ritualistic purification, not necessarily in conjunction with psychedelics. I don't really know how exactly it is used traditionally in peru, other than the description I posted, but I know that other colognes, such as Agua De Florida (Florida Water) are used in the perfumero shamanic tradition, and are applied externally as well as consumed internally (something I'm far too terrified of to try), and are treated as spirit allies.
Here is a great article on the perfumero tradition. I originally found that article through a thread on here about Florida Water. If you search 'florida water' or 'agua de florida' you'll find it.