CCD stands for Continuous Collision Detection. If enabled, it will be used for that particular Actor. It can be helpful sometimes to enable this where you need better collision detection.
As for the project settings if you hover over the Disable CCD you’ll get the tooltip which reads:
“If true CCD will be ignored. This is an optimization when CCD is never used which removes the need for PhysX to check it internally.”
Really it’s just an optimization checkbox if you don’t use it. There are a lot of these hidden in the Project Settings for other features and if you plan to ship a full game it’s ideal to go through and understand these so that it can potentially help get a few extra resources back that don’t need to be spent.