The descriptions says:

In order to use any other Weave, a Strega must first use Read to see the Arcana surrounding her.

So my interpretation is that it only allows her to see the Arcana (Virtue and Hubris), nothing more.

Oops, nevermind, a bit lower it says:

Using Read costs a Raise during Action Sequences.Once she uses it, she can see all the strands and Arcana for the rest of the Scene.
 

This is kinda poweful indeed. But keep in mind that the 'no cost' is only in Hero Point and lashes. It still burns a Raise since it's an action.

Welcome to 2nd edition where rules and mechanics are left to the imagination.

First edition says:

Those attuned to Sorte can see the great web of fate and how its tendrils connect to all things. With enough skill, the sorte strega (“Fate Witch”) can recognize the types of strands as well. Finally, the grand witches (called nonna by lesser witches) can create or destroy strands, a very dangerous undertaking.
 

So, basically, even if they can see the strands, it does not mean that she can recognize the types (love, hate etc.) of strands automatically. If I remember well, the Strega had to use her Sorte card deck to do that, something that would require some time and would definitely be conspicuous.

So I guess I'd go home rules along those lines:

- For 1 Raise: see the Arcana and the strands (only the strands, not their natures) linking the observed individual.

- For 1 Hero Point and 1 more Raise, using her deck of card she could analyse and figure out the natures of those strands.

In 1e you didn't need to use the Sorte Deck. The Sorte deck was used for more advanced spreads and manipulations, but recognizing the general connection of the strand isn't needed.

The bigger problem in my opinoin is that it isn't clear what the strands actually mean. They make you go and read Daughter of Fate to get an idea of how reading strands actually works, and there's a few inconsistencies there. -.-

Reading is pretty much the opening move for a strega to be able to use the bulk of her other weaves during the scene (I'd say that Pull doesn't require a fate witch to be able to read the strands in order to just grab and yank).  It can also be used as a narrative justification and perhaps a chance for one or more bonus dice when describing approaches during a Dramatic Sequence.

During an Action Sequence, it gives the strega a good idea of who's got Virtues worth triggering and Hubris worth exploting with the Arcana weaves.  Oh, the Villain has a Virtue that lets him pretty much shut down the party's main duelist?  Better swap that out for something far less useful, like getting a bonus from a foe's Fear Rating against a party where none of the PCs has a Fear Rating!  Hey, that not-so-dangerous Villain whose minions are kicking our butts has a Hubris that forces him to disdain the help of others?  Now would be a good time to trigger it to force the Villain to tell his mooks to stand aside and set him up for the party duelist to carve him up like a Christmas roast.

Or heck, the strega uses a Reading on her last raise in the first round of an Action Sequence to get a rough idea of the major strands on the scene, and then uses that info to feed into a narrative explanation of how that info helps her use Convince to get a number of the lesser bad guys to stand down, perhaps even getting bonus dice on her Convince Risk.