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This policy was removed in M114. It served to disable CECPQ2, but CECPQ2 has been disabled by default. A separate policy will be introduced to control the rollout of the replacement of CECPQ2. That replacement will be a combination of the standard key-agreement X25519 with NIST's chosen post-quantum KEM, called "Kyber".
If this policy is not configured, or is set to enabled, then Google Chrome will follow the default rollout process for CECPQ2, a post-quantum key-agreement algorithm in TLS.
CECPQ2 results in larger TLS messages which, in very rare cases, can trigger bugs in some networking hardware. This policy can be set to False to disable CECPQ2 while networking issues are resolved.
This policy is a temporary measure and will be removed in future versions of Google Chrome.