If the tank has an established filter running on it, the water changes keep the nitrates down.
If the tank does not have a filter then water changes will dilute ammonia caused by the fish food and waste.
Water changes and gravel cleans remove fish poop and dilute disease organisms in the water.
All fish fry grow faster when given regular water changes. It's my opinion that fish fry produce hormones that inhibit the growth of other fry around them and the water changes dilute these hormones and allow more even growth.