It is just going to stop the OS making the call that gets reported in Event Viewer when it fails AFAIK.
The question is, and this is one for Microsoft, what exactly is that Metadata call supposed to return and what exactly is the OS supposed to do with it.
My gut reaction is the idea was to plug and play a device and if needed any manufacturers device specific apps too.
If it is limited to just updating the Icons for your printer with pretty manufacturers branded ones (Custom Icons) it's a total waste of time; just turn it off and be done with it.
I suspect it is sometimes more than that because if you try to turn it off using the GUI method Settings > About > Advanced System Settings then in the Hardware tab of System Properties using Device Installation Settings you get something that mentions "manufacturers apps"
That is an indication to me that this allows the installation of apps directly from the manufacturer's websites based on the information the OS supplies to the Microsoft URL. i.e. it is a lookup table for device specific apps and icons.
Pardon my suspicions but that is one massive potential security hole. Anyone managing to convince Microsoft that they are a manufacturer and supply a good URL and app but later update that metadata to link to a malicious URL could make the OS load an app with system privileges. That is one heck of supply chain attack.
Having seen the malicious apps that regularly manage to pull that trick in the so called "safe" Google Play Store I would suggest Microsoft is wisely backing away from this and has disabled the URL.
My best advice is disabling this functionality using the GUI and the Registry hack and go direct to your device manufacturer's website and manually download and install any required drivers and apps yourself.