I think its only for the rides...as it lists the ones its valid on and doesnt mention anywhere about the shows. Don't know when you are going but I wouldn't bother with it out of season. When we normally go in early november it def isn't needed.
edited...just seen when you are going so it might be a good idea if you are def going to ride all the rides..
Thanks Vanda, thought it was just rides but wasnt sure, we are booked in a Seaworld hotel so get it free as part of the package but was curious as did not want to queue if we didnt have to
Just as another point these passes get you to front of the queues but ont get you on the front row, we used thm last year and row 3&7 were reserved for the quick queue passes, that was manta and kraken anyway!