Not exactly. That setting lets you exempt whatever IP ranges you do NOT want checked for anti spoofing that hit external interface. Be careful though...usually, people may have external peer IPs there, as it may happen there are VPN issues until you place the peer ip address in there. Just my experience, but every case is different. Btw, that setting ONLY works with external or VTI interface, as vti is technically considered "extension" of external interface.
For packets coming from internal side, its got nothing to do with that setting, as it would hit internal interface, not external.