What does the option Renewal Receipts mean?

Hello 44Putting,

Thanks for visiting Apple Support Communities. We understand that you're wanting to know more about the setting "Renewal Receipts" under the Subscriptions settings. With this turned on it means that you will receive an email for each subscription, when it is time to renew. There should be a description of this alert just under the settings which can be viewed from Settings > [your name at top] > Media & Purchases > View Account > Subscriptions. More information abut subscriptions can be found in the following guide, just in case: How to cancel a subscription from Apple

Thanks again, and have a wonderful day!