It has effect on the multipliers you buy from the shop and on the daily spin so far i can see.
(edit:Multipliers are also given in daily rewards, day 7 and day 14)
With level 2, from x50 to x249, all multipliers earned now in game are 5.00x better.
In the past for 300 rubies you could get x10 multipliers. Now you get x50 multipliers. On the wheel of daily spin the x2 and x3 multipliers have become x10 and x15 multipliers.