It's not always as easy as running the command, but that would remove Windows Defender from the server. There are times (as seen in https://social.technet.microsoft.com/Forums/office/en-US/00b84b96-967b-4920-98b0-2c5cd90debb5/problems-uninstalling-windows-defender-feature-from-server-2016?forum=ws2016) where you also need to remove certain KBs to remove Defender.
I don't see the harm of removing defender, but you should be aware of which patches you're installing in the future as some of them might re-enable Defender.
I do not use Defender on my servers and use a third-party antivirus (endpoint protection).
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