On a turbo it means that the boost solenoids will prevent full boost. It also means for both turbo and NA that the ecu will run "knock maps" The knock maps are separate fuel and timing maps that have values designed to prevent damaging your engine. To protect the engine the maps pull timing and richen the mixture. This is true for most of the map in question. Listen to what you are being told. If you show a code 34, your car WILL run poorly. At idle it may not be noticeable since there is no load the maps are not too far from stock.
Your NA has 10 1/2 or 10 3/4 to one compression ratio. That means it requires premium fuel to prevent knock. If you put even 1/2 a tank of 87 or maybe even 89 octane in it it will trigger a code 34 and it will run crappy till you get rid of that fuel and put in 92 or better. You can't always hear pinging. Especially if you are running the AC or have the windows up. So the ECU has to protect it for you.