It removes: photo location (GPS), camera and date info, author and company names, document titles and keywords, reviewer names on tracked changes, and comments.

Note on images & PDFs: Turn on "Advanced" in the bottom bar to strip EXIF *without* re-encoding (preserves original quality) and to strip invisible OCR/text layers in PDFs (via smart rasterization).

It can't (yet): recover or remove text someone "hid" under a black box in a PDF, and for Word files with heavy tracked-changes, the safest way to clear the deleted text itself is to also use Word's Review → Accept All Changes and Delete All Comments. Wype safely strips the identifying data and names; if a cleaned file ever won't open, your original is untouched — just re-save it from Word.