It patches the home menu, to show the icons of out of region games, and it also disables the check for updates befor using the e-shop, or ingame dlc store.
Im not able to test it on my o3DS(9.5 Emunand), because I have registered the nnid i transfered to my new 3DS, so its not possible for me to log in, but maybe i will do a systemformat to test it.
Got it working on my GW Emunand 9.2 and 9.5 without any issue for both eshop spoof and cia region free.
Edit: GW Emunand is a region free cfw so... I'm not quite sure that