It does not exactly what color range does.
It actually removes the white color and beside that 20% gray becomes 80% transparent and 80% gray becomes 20% transparent and so on.
You cannot do that with Color Range. And the problem with a lot of voids for IL-2 is that they are not pure black and white but often have some gray areas.
The effect of Remove white is exactly the same as setting a layer to the Multiply option.
Why this was not used: Older versions of Paintshop Pro could not handle that and thus you could not exchange your templates with PSP users.
Good tip anyway, since it makes other things possible.