What Accelerator does
WordPress loads every active plugin on every request, regardless of whether that plugin has anything to do on the page being requested. Accelerator changes that. It looks at what the request is — a public page view, an admin page, a REST call, a cron run — and only loads the plugins that actually need to be there.
It is not a cache plugin. Caches store responses and serve them again. Accelerator changes how the work itself is done, so the work is cheaper. The two compose well: most sites benefit from running a cache plugin alongside it.
Beyond plugin loading, the premium tier batches database writes, removes duplicate reads inside a single request, and moves WordPress's scheduled task runner off the visitor's page-load path. The full feature list is on the homepage; everything else on this page is the "how do I read what I see" reference.

