There are sites that explain this thoroughly but it's easier to point out a few thoughts:
1. The most resistance a rider feels is from the wind. It's not rolling resistance, friction in drivetrain etc.
2. An illustration of this is the fact that the world record speed when drafting a vehicle is 152 mph. The record for a streamlined bike is something along 83 mph. And the fastest flat sprints in still air are somewhere in the 43-45 mph range.
3. Therefore any time a rider is sheltered from the wind, they save a lot of energy. If you could draft a truck and had the right gears, it would be highly probably that you could maintain 50 mph for a short time - but if you were on your own, you'd never be able to do that.
4. Problem is if the sheltering riders don't get out of the way - the rider who is saving energy is stuck where they are if the riders in front of them don't get out of the way..
5. A teammate is ideal to block the wind because they will have the same overall goal (team wins) so will move out of the way if necessary.
One place this doesn't help as much is on steep climbs where the rider is slowed most by gravity. This is not the case on the fast climbs where pros will climb at 40 kph or so, because wind resistance becomes significant again.
The other time it doesn't help is on rough roads (cobbles). Cobbles offer so much rolling resistance that sheltering from the wind is not as helpful as it is on smooth surfaces.
If you want to experiment with something other than bikes, try driving a lane over from the back of a big truck. Then, without adjusting your throttle, move over behind the truck. You'll find yourself accelerating even though you didn't do anything with the throttle.
Conversely, drive behind a truck, then pull out to pass without changing the throttle position. You'll find the car slows as it gets buffeted by the wind.
Virtually all tactics evolve from the combination of wind, hills, and rough surfaces. Racers have a limited amount of power and energy so they need to use it when it can make a huge difference.
hope this helps
cdr