This option enables the “Display as Print Preview” view which is slightly different to “Show Invisible Elements”. The options can be used together or independently.
If you have “Show Invisible Elements” turned on, then using the shortcut (or clicking on the menu option) will automatically toggle all the invisible elements on and off as well. However, if this option is not enabled, the shortcut (or menu option) will only show or hide the options specifically covered by the print preview settings (e.g. comments, scene markers, etc.). This means, using the shortcut will not necessarily display the print margins, paragraph ends, etc. as you may also need to enable the invisible elements option if you want to see these.