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This policy was removed in Google Chrome 124. Starting that version, insecure hashes always disallowed. In prior versions, this policy controlled whether the browser allowed legacy insecure hashes during the TLS handshake process.
If this policy is not configured, Google Chrome would follow the default rollout process for disallowing insecure hashes. If it is enabled, Google Chrome would allow insecure hashes to be used by a server when negotiating a TLS handshake. If it is disabled, Google Chrome would disallow insecure hashes to be used by a server when negotiating a TLS handshake.