It all very much depends on the strength its diluted to, and also its working/dwell time is very dependant on panel temperature.

Used sensibly, its a usefull strong detergent, which providing it aint too strong, or applied on a hot panel/wheel etc, it shouldnt cause any damage or strip away any decent wax.

When i had my own detailing business, i regularly had to rectify TFR damage caused by the local hand car wash, especially in the summer!

For regular use at home, i'd recommend a soak with some none caustic APC (all purpose cleaner), followed by a good soak with a snowfoam etc, will do a better job than just TFR. TFR will always be brilliant at tough areas such as wheel arches/chassis etc etc.