Binaural Render Mode is a feature of the renderer which allows you to apply a distance model via metadata to each of the objects or bed channels in your mix. This is only relevant to the binaural render of your mix that will be encoded as Dolby AC-4 immersive stereo for headphone listening, and your headphone monitoring feed. The various binaural render mode settings (Off/Near/Mid/Far) are intended to give varying levels of spatialization to each the objects or bed channels to which they are applied. You can think of the Near/Mid/Far settings as measures of the virtualized distance between an object or bed and the listener's head. Setting the Binaural Render Mode metadata writes those settings globally to the entire master, from the beginning to the end of the master. The binaural metadata is applied to headphone output during monitoring, recording, or playback of a master.  This metadata is not included with speaker processing.