It doesn't do anything. The same as the auto power off setting. It is a setting that only makes any sense if you have hibernation enabled.
It is some hybrid form that was first introduced with the Air some time ago. It goes into normal standby and after some standbytime of a few hours or days it shuts down completely. After that need restores from the sleepimage. They introduced it so they can claim 30 day standby time. It is a fraud really because if you don't use it so long just shut it down and if you don't, you don't actually save any battery.
Must have been some bug if you had to turn these options off, or maybe it doesn't really allow hibernatemode 0 without also turning off autopoweroff. In theory autopoweroff and standbydelay should be void without hibernation enabled as they depend on that.
I believe it is a bug, and so did the original poster (sorry forgot his handle so I can't give credit where it is due) of those terminal commands. The standby setting
shouldn't affect anything when hybernatemode is set to zero, but that poster found that it did, which is why he suggested setting standby to zero and autopoweroff and standbydelay to the posted settings. In any case, setting them as posted above and again here:
sudo pmset -a hibernatemode 0
sudo rm /private/var/vm/sleepimage
sudo touch /private/var/vm/sleepimage
sudo chflags uchg /private/var/vm/sleepimage"
sudo pmset -a autopoweroff 0
sudo pmset -a standbydelay 72000
seems to work just fine.
😎 Just make sure you do not have any important not-saved data in an open app before you put the MBP to sleep - just in case you run out of battery power (safe computing practices). Or live on the bleeding edge if you must ....
🙄
A fix for the slow shutdown issue has been posted too, reducing the timeout settings from 20 secs to 1 or 2 secs. Another case of clever folks on MR fixing what Apple should have done ....
😎MR posters
😎