What does "Managed by Windows" do in the Power options for network connection?

In the power management option for Windows 10 I can configure what happens to my network connection when my PC goes to sleep for power saving:

When my PC is asleep and on battery power, disconnect from the network

• Never
• Always
• Managed by Windows

While I can make sense of the first two options, what exactly is the effect of having this being managed by Windows?

According to this Microsoft Doc:

Managed by Windows - Only important apps that have been recently used are permitted to maintain access to the network. Apps designated as important are:
Any app that the user sets to Allow to run background tasks
All VOIP apps

While I can make sense of the first two options, what exactly is the effect of having this being managed by Windows?

It means only important recently used applications are allowed to maintain access to the network.

Source: Network Connection Settings