This option is largely useless. Overwriting with multiple patterns is a bit of paranoia that isn't justified by real-world tests: on modern hard disks, overwriting once or multiple times, with zeroes or ones or random patterns, doesn't make any difference. The case is less clear for SSD, but these have their own issues; overwriting multiple times wears out the device faster without really helping wipe out the data anyway.
The main reason wiping a file when deleting it is largely useless is that very often there are previous versions of the file, editor backups, editor swap files and so on that were not wiped. Furthermore, the filesystem itself may have modified data around (due to defragmentation or a filesystem check).
If you're afraid that a file may leave crumbs behind, encrypt it. If a file is encrypted, you don't need to take any precaution when deleting it; you only need to make sure not to leak the key. You can encrypt the file specifically, in which case you should make sure that all backups and other files that may contain all or part of the data are also encrypted; or you can encrypt the volume that the file is on (which usually takes care of these other files).
For more information, see