What does it mean to have QUOTED_IDENTIFIER ON?

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What does it mean to have QUOTED_IDENTIFIER ON? What are the implications
of having it OFF?

When SET QUOTED_IDENTIFIER is ON, identifiers can be delimited by double quotation
marks, and literals must be delimited by single quotation marks. When SET
QUOTED_IDENTIFIER is OFF, identifiers cannot be quoted and must follow all TransactSQL rules for identifiers.