Pretty simple holder for some pointy boys, just waiting to stab you.  Locate these in a spot on your grid where that's less likely.

Designed for this cheap set of bits: https://www.amazon.com/dp/B07MML1SRQ

COMOWARE Countersink Drill Bits Set- 7Pcs Counter Sink Bit for Wood High Speed Steel, Woodworking Carpentry Reamer with 1 Free Hex Key Wrench

Note that this model has no magnet holes on the bottom.