I struggle to see how this would be helpful, but I’m sure it has some history. A Standalone event almost certainly does what is needed though, and I believe that this is completely redundant.
My users often tick it without realising what it does, and I had to go in and undo that quite a bit. Therefore, now I hide it in my instances with this CSS:
Oh completely glossed over standalone … minimal seems extra pointless if the only difference is the interested button. Maybe standalone just gets a reminder option in the … menu