There is no documentation on this.
See: Asset Manager – Blocs – User Documents
’Managed Mode’ is not mentioned, nor is it in any of the screenshots.
Toggling it doesn’t seem to do anything (visible) that I can see.
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I was wondering about that myself.
Our Asset Manger documentary will be refreshed soon, it’s missing various new features we introduced in Blocs 6.
Management Mode
When you select an asset in the Asset Manager it will automatically push the selection to the selected item on the canvas and apply it ( items that support images)
When management mode is enabled, this is prevented allowing you to click assets, reorder, and move them in the Manager.
You can only apply assets in management mode using drag and drop from Asset Manager to canvas.
I hope that helps.
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Just following this up, our Asset Manager Documentation has now been refreshed to reflect many of the changes in Blocs 6.
You can read about Manage Mode here.
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Ya that helped me a lot since it came into play, great addition, no more un expected changes on the design canvas when clicking on images, renaming or resizing. Perfect! 
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