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Here: https://bugzilla.redhat.com/show_bug.cgi?id=1869351#c9 there is a good explanation on how the parameter is used to block its reporting to the cloud.
I think it's worth documenting this feature.

Link to the updated document: https://access.redhat.com/documentation/en-us/red_hat_satellite/6.11/html-single/managing_hosts/index#Using_Red_Hat_Insights_with_Hosts_managing-hosts

Closing this ticket. Thank you @sshtein for your help :)