Online revocation checks must be performed.
If you enable this policy, Microsoft Edge will perform soft-fail, online OCSP/CRL checks. "Soft fail" means that if the revocation server can't be reached, the certificate will be considered valid.
If you disable the policy or don't configure it, Microsoft Edge won't perform online revocation checks.
How this relates to the STIG checklist: STIG vs SCAP benchmark.