I think it may be a future feature. Yes, the DevHub has documentation for it, but its unique properties are blank. All I can theorize here is that they just released it to Studio, but it does nothing as of yet. It might even be a Beta Feature that will get its own checkbox sooner down the line.
Here’s why I think this:
The PreciseConvexDecomposition Collision Fidelity option was released quite recently. Its button was there before the announcement was posted and it did nothing. Then, when the topic was posted, it was released as a new Beta Feature. Also, just like the DepthOfFieldEffect, there is no mention of this in the Developer Roadmap. The similarities here are too great to ignore or call it a coincidence, so that is why I believe this is going to be a feature somewhere in the near future.
If so, I’m certainly excited about that!