Setting the policy to Enabled makes the New Tab page the user's homepage, ignoring any homepage URL location. Setting the policy to Disabled means that their homepage is never the New Tab page, unless the user's homepage URL is set to chrome://newtab.
If you set the policy, users can't change their homepage type in Google Chrome. If not set, the user decides whether or not the New Tab page is their homepage.
On Microsoft® Windows®, this functionality is only available on instances that are joined to a Microsoft® Active Directory® domain domain, running on Windows 10 Pro, or enrolled in Chrome Browser Cloud Management. On macOS, this functionality is only available on instances that are managed via MDM, or joined to a domain via MCX.
|Registry Hive||HKEY_LOCAL_MACHINE or HKEY_CURRENT_USER|