Ordinary keyframes describe how a position changes. Time remap describes how time itself flows. Turning it on for a layer adds a new value graph to the timeline, and each point on that graph says "show this second of the source footage right now."
A flat stretch of the graph freezes on one frame, repeating it — a freeze frame. A downward slope plays the footage backward. The steeper the slope, the faster the source footage gets skipped through, which speeds up playback. If speed ramping is only about "how fast," time remap is the broader concept that also covers freezing and reversing.
Because the keyframes are drawn directly in the graph editor, it makes precise moves possible — like a "punch freeze" that holds dead still for a few frames right at an action's impact, then resumes.
When to use
Whenever you mix in reverse or freeze segments, check the audio too — footage that stops while sound keeps playing feels wrong.