Great explanation thank you. 
Makes sense however one question: In what scenario wouldn’t you want print calibration if it accounts for the calibration data derived from the auto level?
Yes, one would think this would already be integrated. 
Good question. I can’t think of a situation where I wouldn’t use it. I have it on all the time…
I use it on all of my printers, it is useful information that helps visualise the print bed and if there are adhesion problems it helps. Hopefully Creality will integrate it into the Print program.
There are 2 types of calibration in effect, the one with the tick box in Creality Print basically tells the printer to delete and re-create a brand new mesh of the entire bed before starting the print.
If you run the print without the Calibration box ticked the printer will instead load the saved mesh from last time it probed the bed and will then probe the four corners of the bed to see if the mesh needs to be tilted to compensate for any movement it might detect in the bed.
If you are printing an intricate model its always wise to tick the calibration box, if you are printing simple models that don’t use up the whole bed area you will usually find they will print just fine without the Calibration box being ticked 
Hope that helps.
Great and important clarification! Thanks. I expect I’ll keep it unchecked since I’m using the center mainly but check it for any larger prints I may do in the future.
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I’m curious where in the Ender 3 V3 KE Nebula Pad there’s a menu for SETTINGS that leads to setup/calibration. Can you explain how to get to that menu? I’m also interested in how to manually calibrate my printer.
In practice though, is it possible to replace the checkbox “Calibration” with some GCODE to enforce execution even from other slicers?
For example, is marking “Calibration” the same as running BED_MESH_CALIBRATE macro? Or the same as running G29?