I am sure there is little % of iOS developers who haven't used Reachability, directly or via some framework like Alamofire.
What I am interested what it actually does? The best guess I can make is that given host it opens sockets and then listens for said host. But what network protocol does it use, is it simple UDP (it is not http as far as I can observe), where it periodically sends packages to said host and awaits answer?
Reachability sends no packets at all. It doesn't even tell you that a host is actually reachable. It just tells you that if you made a network request, then the system has an active network interface that it would try to use. That's all. There's no promise those packets would arrive (let alone that you'd get a response), just that iOS would try to send them.
Reachability really only has a couple of uses (and most of the time shouldn't be used). It is useful if "no network is available" would cause you to modify your user interface, or to tell you that it might be a good time to re-try a previously failed connection. (Since iOS 12, you should really use NWPathMonitor for this. I don't know any good uses for Reachability since iOS 12.)
The only way that you can know that a request will actually succeed is to try to send it and see if you get a response. That's why it is not recommended that you test Reachability before sending requests. Just send the request and deal with the errors if they come, since it is always possible to have an error, even if Reachability said you could connect.