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It adjusts the toe of front wheels and it's called DAS (Dual Axis Steering). This is only currently being used by Mercedes in F1. In simplest of terms and from what I have understood, it can reduce friction and tyre wear on long stretches by having 0 toe (parallel front wheels). And achieve better grip on corners by moving the front wheel outwards.

This is a nice video explaining all this: https://youtu.be/TxKhi6Qsrog?t=67

Interesting! Many thanks for the info/video.

My understanding is that it changes the toe of the front wheels, and is used to slightly increase speed on straight sections.

There are rules limiting what can control the steering / suspension components of a car, and that's one of the reasons why this is controlled by pushing/pulling on the steering wheel rather than something else.

It's the toe - the primary "advantage" is that they can warm up the tires on formation / restarts without having to scrub back and forth. That scrubbing motion wears especially hard on the rear tires.