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No, I believe that only has to do with the things you post as a user, not the things you see from other users.
From the tooltip:
Some comments can be created without paying. However, those comments have limited visibility.If you disable freebies, you will always pay for your comments and get standard visibility.If you attach a sending wallet, we disable freebies for you unless you have checked/unchecked this value already.
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Maybe has to do with disable freebies?