It really does offer a lot. And it should for $4.99. It's by Tiffen. It's their iPad version of the DFX Software. After revisiting this long forgotten app I plan to use it much more.
I went for the Special Effects Tab first, lower far right, and picked Color Infrared with these settings.
Now choosing B/W Looks > Newspaper Old
Now switch to the Diffusion tab > High Contrast. And I'm happy.