These settings cause the taxonomy field to work the same way as the default taxonomy metabox that you removed. It updates the relationships of posts to terms
Create Terms: Let’s users create new terms
These are the ones that will give you problems
Load Terms: Gets existing terms the post is associated with
Save Terms: Saves the terms for the post
With these off the only place these terms are associated are in the acf field and you must to a meta_query to get posts in a specific term
With these turned on the value are stored in a way that will let you create wordpress term templates “taxonomy-{$taxonomy_name}.php” and use a tax_query for getting posts in a term.
