I am not sure of the frequency response specs, but it is a fine amp probe and will readily show anything you need to see in automotive. Comparing it to a probe costing four times as much, I can see no difference in response or resolution. The ONLY difference is that it may not be quite as well shielded as the expensive one. Not a big issue.
Yes, it will show current in both directions as long as you range it correctly in PicoScope, so you have the scaling you need.