I changed nothing on two hubs after updating to .160, and have had zero issues with mesh (or any} devices or automations. I'm not aware of any required changes for normal use of hubs with .160.
This is a new setting (set via endpoint on the hub) where you can limit what IPs can access the UI. It would only be useful if you have a specific workstation you access the hub from and it always has the same IP.
Seems like login security would provide a similar benefit with the advantage that any IP can access with the password. However, arguably slightly secure than an IP restriction.