The Valkyrie Wings are an item obtained by killing Valkyrie. Much like the Booster v0.8/v2, it allows the player to fly, allowing them cross treacherous hazards and obtain items such as Life Capsules.
Having the Valkyrie Wings is a lifesaver during the rematch with Sycor, because it can potentially prevent you falling into the spikes.
It's possible that the Valkyrie Wings are based on the Booster v0.8 because of it's limited flight. It's unknown if future updates of the mod will upgrade them or not.