Got it, not quite intuitive.
So to use it you go Managed Hosts > Local (which is your local client) > Auto discovery.
I was under the impression it was a standalone feature that just works on the client, but management is on a intranet level and you're looking at 'sites' under Managed Hosts, Local being the local client site.
I assume remote proxies would also show up in this list if I had any, which are other sites?