The Create Business Components from Tables wizard does not create a user interface (this is governed by the "view" portion of the application), nor does it determine other application logic such as control flow. It just provides a representation of, and access to, data, and implements business logic.
Specifically, Oracle ADF Business Components technology handles all aspects of application plumbing automatically:
It automatically handles O/R mappings and persistence for instances of its own library classes
It allows you to make complex requests for data retrieval using SQL
It automatically handles transaction management, including optimistic or pessimistic locking
It provides a framework for implementing complex business logic
It automatically implements many Java EE design patterns
It has a powerful caching and data passivation system for increasing the performance and scalability of applications