It currently doesn't work for me - situation being I have a dashboard with two indices and filtering by a field from one of them does not ignore the filter on visuals for the other index. I see this issue on GitHub,
where the issue is that this setting doesn't work for "certain filters". However, I can't find a single filter where this setting works. Any official word on what the status on this setting is?
Edit: I should add that I've tested this on 6.4.0 and 6.4.1