I believe it is solely for fuel trims. However, it is only in the areas where the ECU is in closed loop or on the a/f map in tuneboy where the a/f ratio is 14.57 and greater.
My understanding is that it constantly relearns however, by resetting the adaptives after say making an intake or exhaust change, the old adaptives will not be present so it starts with a blank slate.
Other sensors such as the air temp and ambient pressure sensors also influence fueling.