If you enable this policy setting, in Pro and Enterprise SKUs you can defer upgrades till the next upgrade period (at least ...

If you enable this policy setting, in Pro and Enterprise SKUs you can defer upgrades till the next upgrade period (at least a few months). 
      
If you do not have it set you will receive upgrades once they are available that will be installed as part of your update policies. 

Security updates will not be impacted by this policy. For more information on available upgrades see windows.com/itpro.