It does nothing to slacken the head angle, how could it? The fork axle is 5mm further forward though, which decreases the amount of trail, and makes the steering a bit quicker.
This is largely seen as a desirable trait on modern 29ers, given that a bigger wheel slows the steering response slightly, as does a slack head angle (which is why 29ers all used to have steep head angles to sharpen the steering before people experimented with geometry and fork offsets). The practice of increasing the offset isn’t universally praised though, I know of one or two designers who argue that increasing the offset makes the bike inherently less stable which they don’t want in their bikes. Horses for courses though.
I’m a fan… Means my Evil Following, set up low and slack (low linkage, 140mm MRP Stage with 51mm offset, contributes to a 66deg HA) doesn’t feel like a DH bike on the normal Singletrack, yet it’s very confidence inspiring because of the slack head angle and long wheelbase. Yes, at 10/10ths on a full on DH track a 46mm offset would be preferable as it will be slightly more stable, but we’re not talking massive changes here anyway.