Does it turn off the water heater?
Answer: No, it does not.

Does it turn off the power to your water heater?
Answer: No, it only stops the water from heating.

Does it shut the water off?
Answer: No

Can you use the timer to turn off the power to your water heater?
Answer: No, only by using the breaker or the disconnecting means, will shut off the power to the water heater for servicing.