The only elements of fielding that matter are % and +/-. I reiterate that RF couldn't possibly be more meaningless. In a sample league at a sample position,
Henderson Little (85-85-60-60) has the best range factor in right field at 1.69, and
Pasqual Bautista (56-75-59-76) is narrowly behind at 1.63. At the bottom are
Adalberto Mujica (67-52-76-63) at 1.30 and
Ozzie Graham (58-77-64-72, that sequence looks familiar) at 1.13. Let's pick an important position, how about shortstop-
Hideo Donald (83-88-91-90, above average) leads at 5.64 and
Jeff Ulrich (71-82-89-83, woefully inadequate range) is 2nd at 5.59. On the opposite end are
Brian Stein (88-86-97-90, excellent) at 5.12 and
Carmen Pittinger (81-81-86-80, slightly below par) at 5.00. At 1B, iron fisted
Jesus Espinosa (45-37-42-38) is 3rd at 10.80 and gold glove candidate
Brett Morman (67-61-54-53) is last at 9.67
There literally couldn't be any less correlation between talent and Range Factor, it's simply a meaningless volume statistic that explains the manner in which your distribution is skewed. In a perfect world your catcher would have a RF of 27 and your fielders would all have a RF of 0 because your pitcher is striking out every hitter. It's 100% contextual. If your 1B is super-high in RF it probably means that your team has a high cumulative gb/fb, and vice versa if your OF is high in RF it means you have flyball pitchers. If your C is super-high in RF it correlates with your pitchers' ability to get strikeouts.
Considering the OP asks "what does it track" and your answer is "it's better to be high", perhaps I'm not the one who is dispelling bad information