More familiarly known as laundry bleach, it does belong to the chemical family known as bleaches, however it is not a good idea to place silver halide gelatin based layers in its solution, as the hypochlorite will dissolve the gelatin and clear the glass, which is not a bad fate for bad holograms, as then you will have a nice piece of glass to use as a cover sheet. It can remove Pyrogallol stains on skin. Look here for other uses of this bleach.
Here is what the Photo-Lab Index from Morgan & Morgan has to say about it: