You still need to manually level the bed to a fair degree of accuracy. The BL Touch will then make adjustments based upon irregularities between different spots of the bed. So for example if your front left corner is sitting lower than the front right corner, it will compensate for this during printing.
It's handy as it provides a readout at various points of the bed of the distance from the extruder to the bed, so you have an idea of how level your bed is (is one side dipping etc).
Don't think of it as a magical auto levelling device, it's a device to hone in and level your prints with a higher degree of accuracy than what you can do by hand.