With that option, you can just in one click, create a new product from existing product variations. That will help to save tons of time from managing your website.
Choose your product which you want to split up. Go to 'Product Data' Section -> 'Variations' -> Select a variation you want to split as separate product -> Click 'Split Up' button:
You will get this particular Variation as a separate product:
Note: Update that product after the split.
Done! For any further questions, please contact our Support Team - firstname.lastname@example.org.