In Gen 2, it is supposed to be 4x more effective on Pokémon with a chance to flee, but due to a glitch, only applies to Tangela, Magnemite, and Grimer (all of which have a 10% chance to flee every turn).
In Gens 4+, it has a 4x increased catch rate on any Pokémon with a base speed of 100 or more, except Ultra Beasts, which always have a 0.1x rate.
Source