This policy setting allows you to configure the "Update fields before printing" setting found under File tab | Options | ...

This policy setting allows you to configure the "Update fields before printing" setting found under File tab | Options | Display | Printing options.

If you enable this policy setting, Word will update fields in the document before the document is printed.

If you disable or do not configure this policy setting, Word will not update fields in the document before the document is printed.