Pressing the A, B, Start, and Select buttons simultaneously causes the Save and Quit (S&Q) menu to come up.
The effect of Saving and Quitting differs based on circumstance:
With these in mind, saving and quitting is put to good use when the player intends to skip backtracking. An example of this would be skipping the back tracking from the Toronbo Beach after getting the L-1 Sword by entering and exiting Madam Meow-meow's house, and then saving and quitting soon after collecting the sword off of the beach. Link will conveniently spawn near Mysterious Woods, which is often the next place to go in most routes.
The S&Q menu can also be used for certain text skips.
The save & quit menu cannot be brought up if any directional inputs are being held while pressing A+B+start+select.
The Select menu will be disabled if the player holds B or A before holding Select. By extension, the Start menu will be disabled as the player holds the Select button. Finally, the player can simply tap the A or B button (depending on what button you used to disable the Select menu) while holding all the others mentioned to bring the S&Q menu up. The sequence can also be changed by starting off pressing Start and Select at the same time (Select can be pressed for a fraction of time before pressing Start to prevent either menu from coming up) and then pressing and holding A and B in any order.