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Configuring this policy will allow/disallow ambient authentication for Incognito and Guest profiles in Google Chrome.
Ambient Authentication is http authentication with default credentials if explicit credentials are not provided via NTLM/Kerberos/Negotiate challenge/response schemes.
Setting the RegularOnly (value 0), allows ambient authentication for Regular sessions only. Incognito and Guest sessions wouldn't be allowed to ambiently authenticate.
Setting the IncognitoAndRegular (value 1), allows ambient authentication for Incognito and Regular sessions. Guest sessions wouldn't be allowed to ambiently authenticate.
Setting the GuestAndRegular (value 2), allows ambient authentication for Guest and Regular sessions. Incognito sessions wouldn't be allowed to ambiently authenticate.
Setting the All (value 3), allows ambient authentication for all sessions.
Note that, ambient authentication is always allowed on regular profiles.
In Google Chrome version 81 and later, if the policy is left not set, ambient authentication will be enabled in regular sessions only.