“A Boolean value that indicates whether a text object disables copying, and in some cases, prevents recording/broadcasting and also hides the text.”
⇒ it seems people creatively use this feature to hide views below such fields from screenshots, as in https://github.com/Stampoo/SnapshotSafeView (and, possibly, the commercial https://screenshieldkit.com/)
I do wonder what those “some cases” are, though, and also why we would want to not show a secure text field in a screen recording. Is giving away the length of your password deemed such a risk?