It gives the app developer deploying the profile enough access to pipe all traffic through a remote VPN or attempt to redirect certain traffic through DNS resol

It gives the app developer deploying the profile enough access to pipe all traffic through a remote VPN or attempt to redirect certain traffic through DNS resolution, with new certificate trust settings, to let you capture TLS and non-TLS traffic from your phone. It also gives them enough power to change the configuration of the phone this way at any time.