On 'modern' SLRs, Through-The-Lens metering is done with the aperture wide open ['open-aperture metering']. That allows the most amount of light through so that the viewfinder is as bright as possible, to make it easier to focus. Otherwise, for example , composing and focusing with the lens stopped down to f/22 could be quite difficult with a dim viewfinder.
Then, just as the shutter is about to fire, the diaphragm is closed down to the the aperture that has been set for the exposure. This was known as 'automatic aperture', in contrast to 'stop down metering' that was was used on older SLRs. In Canon's case the FL lenses that were the predecessors of FD mount used stop down metering. There is a pin on FD mount bodies that engages on FD lenses to indicate that is used to stop down the aperture when the shutter is pressed, and that is what the lock button on your adapter is mimicking.
As an aside, FL lenses could be mounted on an FD body, but don't engage that pin, communicating to the body that the lens will only work in stop down mode.
If you set your adapter to open, you get similar benefits to what you do with an FD body - when 'open' there is more light available to compose with (meaning less noise and faster refresh in your EVF image) and, since the depth of field is at it s most shallow, focus is most accurate.
However, your Fuji body is then metering with the aperture wide open and. the Fuji shutter is not coupled to the pin to stop down the lens at the point it's about to fire, so you would have to switch the adapter to 'closed' or 'lock' to set the lens for metering at the taking aperture. Once you have done that, you get to see the depth of field you will get in the final shot, as the aperture is stopped down (like pressing the depth of field preview button on an SLR or DSLR) and you are ready to release the shutter.
Personally, that's too much of a faff for me and I buy FD adapters such as Metabones ones that have the pin permanently engaged so that the lens is always in stopped-down, there is no switch on the adapter.