This policy setting specifies whether Outlook automatically turns text that represents Internet and network paths into hyperlinks. This option can also be configured by selecting the "Internet and network paths with hyperlinks" check box that is available on the Outlook | File | Options | Mail | Editor Options.... | Proofing | AutoCorrect Options… | AutoFormat tab on the user interface (UI).
If you enable or do not configure this policy setting, text in Outlook that represents internet and network paths are automatically turned into hyperlinks. This is the default behavior of Outlook.
If you disable this policy setting, text in Outlook that represents internet and network paths are not automatically turned into hyperlinks.