From Edge policy docs, this policy means 'Minimum number of minutes between automatic update checks'. Setting it to '2 minutes' means the minimum minute is 2, not checking for update every 2 minutes.
Besides, from Chrome docs, we can know that Auto-update check period override still relies on the Google Update cycle:
Google Update runs each hour to see what tasks need to be performed. It evaluates each individual policy setting to determine if a task should be performed in that hour.
For example, if you set the Auto-update check period override policy to change the minimum time period between update checks to 480 minutes, then each hour Google Update checks to see if the last update check was more than 480 minutes ago. If not, Google Update waits for the next hourly run and checks again.
From Task Scheduler, we can see that Edge Update also runs each hour, so it's the same for Edge.
I think the above can explain what the policy means and why it doesn't check for update every 2 minutes if you set it to 2.
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