What happens if sync is turned on?

Excuse me, could you elaborate on what exactly happens when the synchronization feature is enabled? Does it affect the performance of my wallet or transactions in any way? Are there any potential risks or benefits that I should be aware of before turning it on? Additionally, is there a specific process or steps that I need to follow to ensure a smooth synchronization process? I'm interested in understanding the full implications of this setting and how it might impact my overall cryptocurrency experience.