Below are the points.
1) if "CA Workload Automation AE policies in EEM" is disabled it only improves the performance of "Monitoring tab" in WCC, not for the all tabs in WCC.
2) The users can see all the jobs irrespective of any restrictions in "Monitoring Tab"as WCC won't validate the CA WAAE policies.
Note # This parameter is only there to increase the performance of Monitoring tab, which ignores the EEM polices, but CA WAAE will still do it as it would be in EEM mode.