Like most phone/tablet apps, it has reduced functionality. It does have quite a lot of capabilities though, including looping, slowing down, etc.
It also has some editing capabilities, although I found editing with a small touch screen to be quite clumsy, even on a mid-sized tablet.
Personally, I found it useful for portable playback/practice of tabs I had edited on my PC and copied across, but I wouldn’t use it in place of the full PC version if I had a choice.