This does not change anything about filters rendered inside canvas, as that is an entirely different code path unrelated to WebRender (for better or worse we have a lot of code duplication like this).
What this pref changes is the decisions made in Gecko when building WebRender display lists - specifically nsDisplayFilters::CreateWebRenderCommands generates a native WebRender filter chain composed of CSS filters, SVG filters (if this pref is enabled), or goes to software blob fallback. I think the only relevance to Canvas is that if you wrap a Canvas element in a stacking context you can apply filters to its output with this when it is composed into the page, and this does not change the decision as to whether that is accelerated filters, it only expands WebRender's repertoire of filters so it can handle more complex filter graphs.
If software compositing of canvas into the parent page is desired, code could be added to that function to decide not to accelerate if a child element is an RFP canvas, but I am not sure if that is necessary for RFP purposes, as I thought that the entire displaylist could be software rendered if script asks for an image in that case.