What hreflang does
hreflang tells Google which version of a page to show users based on their language and country. A US visitor lands on the en-US page, a UK visitor on en-GB, a Spanish visitor on es-ES — instead of all of them being served whichever version Google happens to prefer.
It doesn't change rankings, but it dramatically changes which URL ranks for which user. Without hreflang, your en-GB content may show up for a US searcher with the wrong currency, spelling, and shipping options — a worse experience that translates directly into a lower conversion rate.