What he said. Plus it changes the transmission shift strategy to not skip gears. For example, in normal drive mode I rarely see 2nd gear with shifts usually going 1 -> 3rd. In Tow / Haul it always uses all 10 speeds.yes it holds gears longer and also provides more aggressive engine braking and downshifts than normal mode.
downshifts earlier also helps on the brakes. its not near as aggressive as the super duties but it is very helpful .
remember in normal , tow haul etc you can lock out higher gears manually as well to help keep rpms in the power range base don your loads, speeds and terrain.