To my understanding the basic function of the primitive streak
is to provide a pathway for pluripotent cells to migrate to
different areas of the embryo. This is how neural tubes are formed,
leading to neural folds and the neural groove. Which eventually
gives rise to the formation of the brain, spinal cord and the
autonomic portion of the peripheral nervous system. However if it
wasn't for the primitive streak, the formation of the embryo itself
would be impossible since everything comes from pluripotent cells.
I guess the "function" just depends on on what part of development
you are referring to.