Material is obviously only ferromagnetic metals or metal alloys with a significant ferromagnetic quantity. It won't work on all metals let alone all materials. The efficacy will depend on size, location of the magnet, weight of the contaminant. I would never use a magnet as a CCP because you cannot directly say "it will pick up xx mm size of mild steel" because it depends how far away it is from the magnet, is the magnet over or under the flow? Are there other materials between the contaminant and the magnet? How often are they cleaned and checked (as they are notorious for having debris build up and dump back in.)
Rather than think of "what does this magnet remove?" I'd flip it. If anything, it's verification of other processes you have in place including PPMs, hygiene clearance and I'd always have a metal detector after it. So while it's possible some metals will be removed by a magnet, it's not certain (and not even close to certain if I'm honest). BUT what it can do is give you an early warning that something is wrong upstream.