Lowering the graphics settings has been a strategy for online FPS for a while, it was the same in BF3.
With all the 'art direction' crap they put in it actually punishes players with machines that can run it on high/ultra as there is so much junk added in it is difficult to see what is actually going on.
BF3 had simulated marks on your goggles that actually made you think there were stains on your screen and there was also the lighting where the sun would cause unwanted visual effects.
People were using injectors to remove some effects including the extreme blue colour tinting palette.
It normally also involves reducing the amount of visible vegetation so the lower setting player has an advantage.
From your screen shot it looks like you would likely have a big advantage over a player with unmodified settings as while it would look fugly it would be much cleaner and discernable than the normal settings.
It basically takes out all the visual clutter.
I would say that if you're in doubt don't do it.
EA does give players all the information they need to play by the rules: https://help.ea.com/en-gb/help/apex-legends/apex-legends/play-by-the-rules-in-apex-legends/
"We want the Apex Legends play experience to be fair and fun for everyone. Cheating is against our rules. Cheating can include, but isn’t limited to, using third-party software, like aimbots, wallhacks, and other similar cheats to gain an unfair advantage over other players."
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