Keep It has always been able to index the text in PDFs that have selectable text or had OCR performed on them already, and does not perform unnecessary text recognition on those, or on images that do not appear to contain any text.
Keep It doesn’t modify PDFs or convert images to make them searchable, but rather indexes the text so that it can be found again, and stores that text in iCloud to save repeating the work on other devices. Keep It will perform text recognition on PDF documents and images, (including attachments, as of v1.7), using computer vision and machine learning technologies to minimize work and produce the most accurate results.