The hang clean and press exercise is great for developing power and explosiveness in your jumping ability. Also, the finishing motion at the top with the shoulder press is going to help the player become stronger finishing at the basket through contact. When you get in the weight room and workout, you want to do basketball exercises that are going to translate over to court, and that are going to work on movements that you will actually use in a game. That way you are maximizing your time in the weight room, and getting the most out of your workouts.
It is really important that when you do this exercise you focus on having the correct form, and then build up from there. Stay light at the beginning and focus on the proper technique and form, especially if you haven't spent a lot of time in the weight room before. This will help you to really develop a strong base, and give you the foundation for becoming explosive on the court.