It can be used on both monitors and TVs because it's not frequency-sensitive, and the test signal amplitude is only 650mV- low enough not to forward-bias semiconductors in the circuit.
To do a basic test, you connect the test leads between chassis and the HOT collector... if more than 4 LEDs illuminate, the horizontal output stage is probably OK. It can check LOPTs / FBTs out of circuit if broken-down components prevent an in-circuit test.
It can't show up breakdowns which only occur at full operating voltage, and it has no facility for measuring EHT voltages etc... but then again it only costs a tiny fraction of the price of instruments that can! In general it will show up about 80% of failures in horizontal output stages, and is also useful for checking deflection yokes, switching power supply transformers and other high-frequency high-Q inductive components.