Try and see.

<Reveal this spoiler or all in this thread>

The above was created using 

<spoiler>
This is a spoiler.
</spoiler>

[download]

The setting you are asking about affects how it is rendered.

In reply to Re: What does "render spoiler tags as" mean? by ikegami
in thread What does "render spoiler tags as" mean? by LesleyB

Title:
Use:  <p> text here (a paragraph) </p>
and:  <code> code here </code>
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