External users must accept sharing invitations using the same account that the invitations were sen

I know this was discussed back in 2017 but I'd like to check this setting behaves still the same, because I also cannot find an official explanation of what it's supposed to do.

My understanding is that if this setting is unchecked, when I share a file from my OneDrive to an external user, this user doesn't have to use the email address the invite was sent to. rather they should be able to access the file using a different email address

I am sharing a file using "Specific people" and provide an external email address

This is how the received email looks like:

I have tried to forward the email to another address (or also tried to copy the link and open in a Guest session) but the link would only work with the initial recipient's email address (the one-time passcode can only be received on the initial recipient's email address)

So maybe I have an incorrect understanding of this setting?