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It appears that this setting controls cross-account like visibility on posts:

"Even if a user has Like Counts enabled, they will not be able to see the number of likes on accounts or posts that have hidden them."

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Sounds like the perfect solution if you want to say "we are releasing features that support a healthy usage of the our app", and at the same time make sure no one uses these features!

FWIW Casey Newton posted a writeup- they ran trials for a couple years and the response was polarized (some loved it, some hated it) and they couldn’t find any clear indicator that it was healthier for people.

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