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Setting the policy to Enabled or leaving it unset means downloaded files are sent to be analyzed by Safe Browsing, even when it's from a trusted source.
Setting the policy to Disabled means downloaded files won't be sent to be analyzed by Safe Browsing when it's from a trusted source.
These restrictions apply to downloads triggered from webpage content, as well as the Download link menu option. These restrictions don't apply to the save or download of the currently displayed page or to saving as PDF from the printing options.
On Microsoft® Windows®, this policy is only available on instances that are joined to a Microsoft® Active Directory® domain, joined to Microsoft® Azure® Active Directory® or enrolled in Chrome Browser Cloud Management.