I’m running on macOS 11.5.2 (20G95) with TextEdit 1.16 (365.2).
Disabled:

Light:

Medium:

Heavy:

I ran the last three through an image diff tool, with no differences found. I haven’t tested this with any apps other than TextEdit, but I doubt it’s TextEdit-specific since I didn’t notice any change anywhere in the OS while switching between the last three modes, and I’d assume TextEdit uses the native macOS drawing APIs anyway. Here’s a little comparison I made with the value of AppleFontSmoothing below:

I’m running on macOS 11.5.2 (20G95) with TextEdit 1.16 (365.2).
Disabled:

Light:

Medium:

Heavy:

I ran the last three through an image diff tool, with no differences found. I haven’t tested this with any apps other than TextEdit, but I doubt it’s TextEdit-specific since I didn’t notice any change anywhere in the OS while switching between the last three modes, and I’d assume TextEdit uses the native macOS drawing APIs anyway. Here’s a little comparison I made with the value of
AppleFontSmoothingbelow: