Implications of the law of universal gravitation
The law of universal gravitation implies that the gravitational force becomes infinitely large as $$r\rightarrow 0$$ and infinitely small as $$r\rightarrow\infty$$.
This means that the gravitational force becomes stronger as they get closer to each other weaker as the distance between them increases.
The gravitational force of the sun on the earth is greater than the sun's gravitational force on Pluto. This is because Pluto is much further away from the sun.
The formula only gives the magnitude of the force (the force itself would also require information about the direction). As the force is attractive, it points towards the direction of the centre of mass of the other body.