I was completely unaware of that setting
So was I until your comments got me to question my understanding of Apple Mail and IMAP/MIME! The default for Download Attachments may have changed for new installs.
I am not convinced of the accuracy of the Apple documentation on this setting. At least in part it may be confusing attachments that are MIME parts in the email (which are stored in the ~/Library/Mail... hierarchy) with attachments that are downloaded from URL links in the message (which I think are stored elsewhere).
I will continue to explore how to works (for my own interest).
But I can say - however it's working, I have no complaints.
My position too.
Edit:
FWIW I did some testing of what and when attachments get downloaded when using "Download Attachments" - "None".
1. No MIME attachments are downloaded when mail is delivered to the Inbox (or elsewhere).
2. Image attachments are downloaded when a message is viewed. Based on the help, this applies to all media types.
3. Others (a spreadsheet in my test) are only downloaded after clicking on the attachment object in the email.
These are in line with the Apple help on this setting - expands a bit on when the two types of attachments are downloaded.
Personally, I would prefer all attachment types to only download when explicitly requested by selecting them. I don't want images to download just because I view a message. This would solve a related problem for me - in my Microsoft mail box I get lots of spam with porno images.
The last line of the help is wrong. There is not a special folder for all attachments - rather they are loaded into folders near to the message in the Mail folder tree. I think this is a change in a recent macOS upgrade.