It causes that card to also be treated as a Digimon with X000 DP. For example, if a Tamer is also treated as a Digimon, it can attack like a standard Digimon, and it will gain inherited effects from cards stacked under it. However, even if a Tamer is played and then treated as a Digimon in the same turn, it can't attack during that turn.

Yes, it's treated as an effect of both. Because the card is treated as both a Digimon and a Tamer, the activated effect is treated as both a Digimon effect and a Tamer effect.