The Thoroughbred is used as a racehorse because that is what it was created for. The Thoroughbred was created to be the ultimate racehorse and it is. They tend to grow faster and mature sooner than any other breed of horse. However the practice of racing them as two year old is detrimental to the breed as it creates health problems for the horses.
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Thoroughbreds are a breed made by humans you could say - the never existed in the wild. This makes them less hardy and more athletic and delicate. Because of their athleticism, the are able to run at high speeds over longer distances than Quarter horses, for example, who are only sprinters. These horses are generally high maintenence and can have problems keeping weight on, and are often known as 'hot', spooky, and flighty, mainly because most of them have a past in racing where all they have been taught is to run. They can, however, be retrained, and they often make great jumpers assuming they are sound.
Thoroughbreds are generally thought of as horses used for racing, eventing, foxhunting, jumping and dressage. They have also been used for ranch work especially on large ranches where riders need to travel over varied or rocky terrain. Thoroughbred and Thoroughbred cross horses were/are used as improvement sires for various breeds and Thoroughbred mares have been added to warmblood registries to increase refinement and athletic ability.
thoughrobreds are racehorses and a cross between Arabians and middle eastern horses so you can never call one a pure thourghobred!