Any traffic that matches that inspection setting would be dropped. The result could be very impactful if you have traffic currently hitting on that inspection setting.
Those settings are enabled by default so a good guess is that there once was traffic witnessed with this behavior. Best practice would be to identify out of state traffic and attempt to remediate it. If you are unable to remediate due to your network architecture, you can limit allowing out of state traffic to certain hosts/networks.
Tim has a great post here describing how you can test your network for this scenario: https://community.checkpoint.com/t5/Security-Gateways/TCP-Out-of-State-Drops-Hidden-Monitor-Mode/td-...
I would advise a maintenance window for performing this task.