Yes it does consume nitrates and phosphates from your system, the same as any other plant like Chaeto. Some do a better job than others but also aren't as attractive to keep in the DT. The actual export of those nutrients comes when you prune it and remove from the system. Some fish and CUC will eat them as well. I've been thinking of adding a red macro algae to my tank, just to add some more color to it. I think the one you have is quite attractive and if I had it, I'd keep it in my DT. But if you don't like it, just remove it.