Note that this policy is deprecated and removed in Google ChromeOS version 88. Public sessions are no longer supported. Please use DeviceLocalAccounts to configure managed-guest sessions instead.
If this policy is set to false, managed guest session will behave as documented in https://support.google.com/chrome/a/answer/3017014 - the standard "Public Session".
If this policy is set to true or left unset, managed guest session will take on "Managed Session" behaviour which lifts many of the restrictions that are in place for regular "Public Sessions".
If this policy is set, the user cannot change or override it.