The stand is cut into two pieces for neater cable management. The cable is routed down the neck of the stand and held in place in the grove on the base.
The holder should be printed with a brim, otherwise it's likely that you'll end up with a ball of plastic stuck to your hotend.
I print the holder upside down so that any flaws from the supports are hidden inside the cup. Make sure to lay the holder flat against the print bed.