When you turn on the toggle, you give Assistant permission to show you info related to what's on your screen. It might show you relevant links in YouTube or IMDB, for instance.
I prefer calling it Tap2.0
It only comes into play when you launch GA... it isn't constantly polling the screen, looking for content. That's why there is a pause for the content to load.
Now, Google COULD have it poll constantly, which would increase the speed of the function dramatically. But that would do a number on your battery.