Read-only by default, and what turning writes on actually allows.
The connector is read-only until you say otherwise. A connected client can look at the open project and nothing more.
Turning this on lets a connected client change whatever project you have open: rename pages, create materials and utilities, edit page context.
Two things about it are worth knowing before you turn it on:
Writes are not scoped to a project or a session. Anything you open while this is on can be changed by a connected client. Turn it off when you are done if you work on jobs where that matters.
Read-only is enough for most of what the connector is good at: reading sheets, finding text, summarising a takeoff, checking quantities against callouts. Turn writes on for the jobs where you actually want Claude editing the project, and turn them off after.