This is a temporary policy that will be removed in M127.
This policy controls the visibility of the enterprise badging on managed profiles which consists of an account specific management label shown in the profile menu, a new label associated to a profile managed by your organization shown in the toolbar and controlled by the policy ProfileLabel, and an enterprise logo shown in the profile menu next to the profile picture and controlled by the policy EnterpriseLogoUrl.
Leaving this policy unset or setting this policy to "Hide all enterprise badging (value 0)" will hide all of the badging regardless of the policies that control each component.
Setting this policy to "Show enterprise badging on unmanaged devices only (value 1)" will show all of the badging if a user from your organization uses a managed profile on an unmanaged device.
Setting this policy to "Show enterprise badging on all devices (value 2)" will show all of the badging if a user from your organization uses a managed profile on any device.
Setting this policy to "Show enterprise badging on managed devices only (value 3)" will show all of the badging if a user from your organization uses a managed profile on a managed device.
A device is considered managed if an enterprise version of the OS is used, or if any policies are set at the machine level and affect the browser.