This doesn’t affect SEO directly but what it does do is to show you information from Search Console within the Classic SEO plugin that you can then use to help improve content. It currently has three tabs:
The overview tab will eventually show charts too but this feature isn’t yet available. Hopefully will be in v0.4.1.
(Screenshots from my test site.)
Just to clarify, you do need a Google Search Console account for this, but that’s no big deal.
On a personal level, if you’re not yet ready to use Classic SEO on a live site and your Yoast subscription is coming to an end, you might want to consider moving to Rank Math temporarily. A lot of people around here seem to like it and that’s why RM was chosen as the foundation for Classic SEO. You can import Yoast settings into RM and you can also import RM settings into Classic SEO.