<ramt> This is another fine example of DJI non-documentation. If they documented this feature, it's not easy to find. However, the feature existed in the
P4, so it was a known item. Perhaps it wasn't in the originally released Mavic code (DJI 4 screens) and so was not in the original manual. But it's also not mentioned in the release notes. They continue to have a documentation problem. <end of rant>
See the following video, which gives us a better idea (you may have already found this, but read on). Even in this video, he just says "it locks the gimbal" but does not say 'lock to what': does it lock it to the subject / target (while the AC is still moving), or does it lock it to the AC.
I think the latter -- the aircraft can be moving (such as with panning) and when you press the shutter with this feature on, the 3-axis gimbal will lock on target, which I believe means "attempt to remain in place, continue to be pointed to the same location as when the shutter was actuated, not moving with the aircraft".
What is still unknown: is it simply locking to a point in space (based on calculated distance to target), or does it use image detection? Probably the latter.
So the question remains, when would you want that setting OFF. I can't say for sure, but as a long-time land-based photographer, I can think of many examples where you would not want the lock. Probably the most popular example is action or sports photography, where you want to follow a moving subject (panning with the lens) and the specifically want the background behind the subject to be blurred (giving it more of an action look in the resulting shot). This requires a slow shutter speed as well, because even with panning, a fast shutter speed can freeze both the subject and the background. So slow shutter speed, panning, locking turned off (yes, DLSRs and lenses have image locking features as well), give good motion-blur action look.
I don't think there a lot of examples of this in drone photography, which is probably why this setting defaults to ON.
In drone photography, there are many examples of the aircraft moving -- when you want gimbal lock -- while taking continuous photography (where
zocalo's advice above to let the aircraft hover for a second or two does not apply). During a hyperlapse or any other moving Intelligent flight mode where you do continuous shooting during the flight (waypoint missions, especially the panning at the waypoint curves) are good examples. In such cases, you want the AC to continue to move smoothly while taking image captures at intervals, and it would be a good idea at those times to have the gimbal lock on target for the duration of the shutter opening, then re-center for the next shot.
What I have not covered: video; the above is all still photography centric (as the feature itself might be, I haven't checked that out yet).
Chris