The Straight can be found in both the Past and Present. However, do to the receding water, the amount of area that the Crescent Straight takes up is smaller in the Present. The western portion of the Straight, which was once completely filled with water, is now part of the South Shore.
In the Past, the Crescent Straight also borders the Sea of No Return to the north as well as the Sea of Storms at its southwest corner. In the Present, the Crescent Strait borders both the Forest of Time and Yoll Graveyard, but there is no direct pathway that allows Link to travel between these areas.
The Crescent Straight does not serve much of a practical purpose in the game and it is almost completely free of any relevant items. In the Present, Link can travel to the southeast corner of the Crescent Straight and head down a screen to find a Soft Soil location that otherwise has no way to be reached.
Additionally, in the Present, there is an underwater maze found beneath Crescent Island that can only be reached via the Crescent Straight. The underwater waterway moves along a winding pathway that will eventually lead to a hidden underwater cavern. Inside, Link will find a Treasure Chest that contains a Piece of Heart.