the setting has zero effect, it is not consensus code. Even if 99.999% of people ran knots, knots would still relay the transactions via blocks.
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it's about what settings miner use what ends up in blocks.
the filters will most likely only cause delaying of transactions not stopping them.
most miners run core so whatever core does becomes common miner policy.
a central point of control in bitcoin has emerged, and it is being exploited for now, until we really see what the damage is.