Pha is the aspirated voiceless labial, a p with breath released after it, and it takes the second slot of the labial class. It is not an f. Classical Sanskrit has no f, and the two-letter Latin spelling used for this letter invites the same wrong reading as the spelling used for the aspirated dental.
The letter is not especially frequent. Sanskrit uses the voiceless aspirates less than their plain partners throughout, and this one is among the rarer of them, occurring chiefly in a limited set of roots and their derivatives.
Later Indic scripts added a dot beneath the corresponding letter to write a borrowed f, a convention that arrived with the Persian and Arabic vocabulary that entered the languages of northern India, long after Siddham had ceased to be written there. Siddham has no such mark, so reading it means reading the sound inventory of the classical language without the later additions to it.
In the table the letter holds the aspirate slot, second in its class, in the same position the aspirate holds in each of the other four. A reader who has the rule can place it without having seen it, and can predict its sound from where it stands.
The letter is a useful test of a modern rendering. Where a Siddham text produced today writes an f, it is either using the classical letter for a sound that letter does not represent or has borrowed a convention from a later script, and either way it is doing something the tradition itself never did.