It guides discussion, but requires active participation and a shared knowledge that this is a "safe place" to call out issues. We try to make action items around things that are frustrations for improvement. The give thanks is a good time to reflect on help you've gotten. Personally, I'll reach out to individuals called out in that column (who are on other teams) and their manager to say how they helped me or the team.
Really, we learn by making mistakes. Spotting them and discussing them and coming up with actionable, trackable remediations is what makes retros valuable to us. Bigger mistakes and being honest about lapses in meeting expectations lead to better retros.
This method of presenting things that worked and things that didn’t cuts out a lot of wasted meeting time by jumping straight to pain points.