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The "for range" function in Go programming language is highly effective in iterating over arrays, slices, maps, and strings. It is a concise and efficient way to loop over data structures, and simplifies the code by eliminating the need to keep track of index values. Additionally, it automatically handles the iteration process and does not require any additional code for error handling or bounds checking. In terms of performance, the "for range" function is typically faster than using traditional for loops with index values, as it avoids the overhead of index variable creation and bounds checking. Therefore, the "for range" function is considered a highly effective and recommended method for iterating over data structures in Go.