If you just want to know if a device is online or not, you just check the two checkboxes.
Disable Device Reporting - stop devices to post reporting data to IC2. Reports, such as device, Wi-Fi, bandwidth, cellular reports, etc., will be unavailable.
Disable Live Status Queries - when you load up an IC2 page, say, Device Details page, normally IC2 will immediately query the device for its live status (e.g. throughput, WAN state, etc.). Checking this checkbox will stop querying from all devices. Those live data will be unavailable. But device online status is unaffected.