The modern Victorinox awl includes a sharp edge and a
groove, which turns it into a reasonably efficient drill for working in
leather, wood or soft metal. This tool is sometimes called a reamer.
There is also a sewing eye, so you can pull a thread through a punched hole, when sewing up leather or other coarse materials. It's handy for emergency repairs of backpacks or other camping gear (use dental floss if you don't have thread!)
In 1985, the modern awl replaced an earlier awl with no sewing eye.
The awl will stay sharp for a long time if you only use it on wood, leather, aluminum or copper (or other soft metals). You can use it for emergency "drilling" in sheet iron, but that will rapidly dull the awl's sharp edge.
In leather or other soft materials, you can often push the awl directly through the material, and then rotate it to get a rounded hole.