The handheld ones can be used on heads, capstan needle, guides and almost any metal part. But it can also magnetize parts just as easily as demagnetizing them so it requires more skill to use.
The ones I recommend for the casual user looks exactly like a cassette tape but has battery operated electronic circuitry in it. Unlike the former, it can only demagnetize the heads and no other parts. But then on many machines, especially those where the cartridge goes in upside down, it's hard to even access the heads, needle, etc without disassembly. You only use it for a second or so, and it's done so pretty much idiot proof. But I recommend you put the machine in Radio or Line mode when doing it so as not to damage any tape circuitry since it emits quite a strong HF signal through the heads.