While it CAN expose an existing Postgres database, where it really shines (in my opinion) is when you're starting a brand new product. Because you can create your whole database and all the relationships, foreign-keys, triggers, permissions, etc through the web console UI incredibly rapidly.
And yeah, it takes care of all CRUD and provides an aggregation/statistics API (sum, median, standard deviation, count, mean, variance, etc), and it leaves the pieces of custom business logic up to you to write. It's entirely agnostic to what you use to write these, so long as they expose an HTTP endpoint.