Since weak reference can be claimed by garbage collector at any time, is there any practical reason to use it?
Of course there are practical reasons to use it. It would be awfully strange if the framework designers went to the enormous expense of building a weak reference system that was impractical, don't you think?
I think the question you intended to ask was:
What are realistic situations in which people use weak references?
There are many. A common one is to achieve a performance goal. When performance tuning an application one often must make a tradeoff between more memory usage and more time usage. Suppose for example there is a complex calculation that you must perform many times, but the computation is "pure" -- the answer depends only on the arguments, not upon exogenous state. You can build a cache -- a map from the arguments to the result -- but that then uses memory. You might never ask the question again, and that memory is would then be wasted.
Weak references possibly solve this problem; the cache can get quite large, and therefore time is saved if the same question is asked many times. But if the cache gets large enough that the garbage collector needs to reclaim space, it can do so safely.
The downside is of course that the cleanup policy of the garbage collector is tuned to meet the goals of the whole system, not your specific cache problem. If the GC policy and your desired cache policy are sufficiently aligned then weak references are a highly pragmatic solution to this problem.