Look at those teeth. Those teeth, and the curved shape of the arms around the teeth allow the Angler to reach around the body of the fly and grab the body of the hook - the curve, the shank of the hook. Then depending on the size of the fish either push the hook backwards out of the set-hole or turn the hooks curve towards the sky and let gravity help.
In addition to the release method described above, the Crocs also work well when slid down the line towards the hook.
Designed for saltwater flies and larger hooks.