Yeah, this is about importing all the 'metadata' that Git doesn't host but Github does: pull requests, issues, wiki pages, releases, etc.
These features are immensely helpful for any organization or open source project and one of the main reasons that the 'centralization' of Git happened.
That'll get you the code, the branches, and the commit history. There can be a fair amount of metadata and other non-Git-but-still-gitlab-equivalent stuff like Issues, wikis, etc, and that's what the importer process brings over.
For the git native features that works. This is for all the extra stuff (PRs, issues, wikis, etc.)