TwDVFSapp is in charge of setting userspace frequency minimums and maximums of the CPU, most kernels have a hack incorporated that disable the kernel level interface that this app controls. This means it is useless to use it with those kernels. Additionally, there are no ill or noticeable effects on deleting the service as the impact of performance (It is theorized it sets minimum freq to max while launching an app) is almost not noticeable, so it can be removed to free up ~30MB of RAM as it is continuously running as a service.
Edit: I also found out it decreases the screen pixel refresh rate, thus increasing your battery life. Probably not as smart to remove it.