Abu Dawud

Benefits and Issues:
This narration is considered authentic according to some researchers.
Muslims meeting each other with cheerfulness and shaking hands is a means of increasing mutual love and a cause for forgiveness from Allah Ta'ala.
Shaking hands (musafahah) is a Sunnah and recommended (mustahabb) act.

Explanation:
1:
It is understood that when one Muslim meets another Muslim and they shake hands, on one hand, it becomes a cause of mutual love, and on the other hand, it is also a means for the forgiveness of sins.
This forgiveness pertains only to minor (saghirah) sins, not to major (kabirah) sins.
Major sins will not be forgiven without repentance (tawbah).

Benefits and Issues:

➊
The mentioned narration has been declared weak in its chain by our esteemed researcher, and he has further written that there are many supporting narrations (shawahid) for it, but he did not indicate their authenticity. It is likely on the basis of these supporting narrations that other scholars have declared it authentic.
From the discussion and research of the scholars, the opinion of the authenticity of the hadith appears to be correct. Therefore, the mentioned narration, on the basis of its supporting narrations, is actionable and a valid proof.
And Allah knows best.
For further details, see: (al-Mawsu‘ah al-Hadithiyyah, Musnad al-Imam Ahmad: 30/517, 518; al-Sahihah, no. 525, 526)
On this basis, the mutual meeting of Muslims, along with increasing love among themselves, is also a cause for the forgiveness of sins.

➋
Through such deeds, minor sins (saghirah) are forgiven—major sins (kabirah) are not forgiven without repentance, and the rights of people (huquq al-‘ibad) are not forgiven without fulfillment.
And Allah knows best.