BurnOut Weed and Grass Killer RTU is a non-selective herbicide, so it will affect whatever plants you spray directly with it. This product will not stay in the soil or volatize to other plants. Since this product has been discontinued, you may want to consider Natural Guard Non-Selective Grass and Weed Killer instead.
As long as you keep pets/children out of the area while you treat and until the BurnOut Weed & Grass Killer RTU has had time to completely dry or settle it is safe for pets and people to return and resume normal activity typically after 4-6 hours.