I don’t use this feature. I’m a team of one and we don’t have backend moderators, and I engage mostly from the front-end and via slack alerts (Zapier), but…
My understanding is that shows you whether the post has been viewed by an Admin (moderator, content manager, Admin) within control. Has at least one person looked at it in Control? If yes, it’s read. If no, it’s unread by team.
I believe the use case is for those larger teams of community managers and moderators to triage the latest posts.
Hopefully that’s helpful. Otherwise, I’m optimistic someone from the Insided team or another user will chime in with an answer.
@Blastoise186 is a moderator for a community, I believe and might be a helpful expert here.