This mode does not touch your pixels. It re-encodes the PNG with maximum compression effort and strips redundant chunks, so the image that comes out is bit-for-bit identical when decoded — the file around it is just packed better.
Savings are real but modest: commonly 5–15%, occasionally more on files exported by software that optimises poorly. If a file is already tightly packed there may be nothing left to remove, in which case you get your original back unchanged rather than a slightly larger re-encode.