Generally the compost from recycled yard waste is of excellent quality, simply because of the size of the operation, the temperatures they are able to achieve and maintain and the thoroughness of the process. I would use it (and do!!) in the same manner as you would with any homemade compost, as a mulch or soil amendment.

Thank you very much for the confirmation!

The concerns I would have surround how much chemical use is in your catchment area. For example, if your HOA or town applies weed and feed to all the lawns, lots of glyphosate, things like that. In practice however you can't control much of that, and I'm speculating but even herbicides and pharmaceuticals may be digested by the hot composting process. Agreed with gardengal, the large facilities are able to do it much better than a 3 foot home compost bin. Some places supposedly give it away free to residents. Here you can have bulk soil delivered that already has compost, leftover crushed grapes, chicken manure and other stuff mixed in.

"if your HOA or town applies weed and feed to all the lawns, lots of glyphosate, things like that. In practice however you can't control much of that, and I'm speculating but even herbicides and pharmaceuticals may be digested by the hot composting process."

All of these concerns are effectively neutralized by a commercial composting operation. That's what compost does - it breaks down all materials into their elemental forms. And the heat will kill off seeds and pathogens. It is just very difficult to achieve and sustain the necessary temps in a home pile.