The usage of this section is to download the dependencies mentioned under <dependencyManagement> in pom.xml along with transitive dependencies. The downloaded files get saved into .m2 folder on your local machine (which is configurable).
Once you have all the dependencies downloaded and you don't make any changes to the code, it would not download the files again n again each time.
If you want to check the impact, go ahead and take a backup of local .m2 folder or simply delete it and then build the project using mvn cmd. If you have mentioned the repositories from where to download, the build would succeed else fail.
Ideally, this section should be present, you may check that fallback is in settings.xml under .m2 folder