Replicating the GN4 volumes means to delete/add on the secondary system storage all files that the primary system deletes/adds on its storage.
Note that the XML schema governs which files will be stored in the volumes and which files will be kept in the database. See Define what to store in the volumes for the information.
The main problem in replicating the volumes is that their size can be really huge, so it can be a slow operation, and can overuse the bandwidth.
See more in
The volume replication methods