It doesn't do much unless you also know how to account for range, the arc of moves, etc.What's the advantage in studying and knowing frame data?
I just want to know this before I get into it.
However, fully understanding frame data and the above allows you to figure out your optimal punish for every move at every spacing. On the other side, if allows you to manage your risk/reward a lot better when you commit to an action because you'll know the opponent's best punish for each of your options at every spacing.