Launching from that high of a latitude feels like it could be a problem. Basically only the polar orbits will be available.
And where else can Europe launch from (under its own control) other than French Guiana? Shetland is closer than that, if a bit shorter on cool lizards and post-launch umbrella drinks. Maybe the idea is to keep using French Guiana for full-scale Ariane launches, and Shetland for cheap launches of little things that would be too expensive to ship across the Atlantic?
Looks like that's what theyre going for. There's already a lot of equatorial launch sites, I'm not sure how many polar ones there are