Is this similar to Formfilter module?

Nope! I was un sure exactly what that module was supposed to do so I tried it out, but no, this module on its own does nothing its simple an API for module makers to provide a visibility UI to their users, it may sound a little confusing until you work with it.

Say for example the block section when you go to configure, there are settings for show for these roles, show on this path, not on these paths, etc that portion of code was hard coded into the block module, I needed almost identical functionality for a few of my other modules so I created this module for a central way to provide those settings rather than each module re-coding something similar each time