When it is enabled (by default), the exported PDF will display the watermark showed on the current page.

If "Export page and download PDF attachments with extra watermark" is turned on, the exported PDF watermark will follow the additional settings; if it is turned off, it is consistent with the page watermark. ( 2.2.2.8 Export page and download PDF attachments with extra watermark )

Queue processing for ”Export to PDF with watermark“:

Premise: Export page to PDF with the watermark of "current user"