I don't know the answer for sure.
When it is unchecked, it is not processed any further.
When checked, it enters the rule processing engine. If your only rule is "Allow" then I guess their is no difference.
On the Umbrella side (I am not sure if this is exposed via this mechanism), some types of traffic allow more finegrained control. For example, you can say allow access to Office 365 - but only "this" specific tennant and no other.