I use it on every thing, carbon, wood, aluminum. Plastic fletching or feather. Just use a little bit because it goes a long way.
The reversing agent is awesome too. You don't even need wraps anymore. You just soak a paper towel with it and wrap it around the shaft for a few minuets and the glue turns to a jelly and comes right off.
One warning however is it will leave a white residue on things near it if it has an oil on it. This is the same type of glue in CSI for taking finger prints. Wipe your shaft good with a cloth to get all of your hand oils off before you fletch. Also when you let them dry put them somewhere away from anything you don't want the residue on. The good news is if it happens it wipes off with a little rubbing but it is kinda a pain.