Bots code is mw:Manual:Pywikipediabot/redirect.py which is kept up-to-date with the pywikipediabot repository. Bot operates on all open Mediawiki wikis with the exception of en.wiktionary and ja.wikinews.
Bot would fix redirects that redirect to redirects. This is a navigation hazard as after the first redirect, MediaWiki will not continue onward. This is a mindless task for humans.
Bot would not create any redirects, just update existing ones if needed. I am aware that redirects are frowned upon here on en.wikitionary on the main namespace but redirects can be generated by template renames, username renames and other non-mainspace renames.
It may be a good idea to grant the bot a flag even though it would have few edits. As fr:Spécial:Contributions/タチコマ robot can be seen as a good example to bots activity. As you can see bot has a lot of edits on 7 May while very few edits on other days (going back to bots first edit). Bots activity is dependent on the local wikis activity. If a lot of double redirects are generated, the bot would make a lot of edits. If few of them are created bot would make few edits. I do not mind operating the bot without a flag if the local community wishes it.