It only disables search engine suggestions that's half the problem solved.

Now, let's say I have a bookmark for "abcd.com" and I have visited "abcd.com" a million times. So the moment I am done typing "ab" in address bar I get abcd.com suggestion which is good.

Now one day I visit (or mistype and hit enter) "ab"ihkskgskkfsbkgbskgbks.com. Yes, just once. Now, for days I get the suggestion "abihkskgskkfsbkgbskgbks.com" when I type "ab" even though every time I type few more letters or delete and change it "abcd.com" before hitting enter. Or maybe for weeks because I just end up going to history and delete that abihkskgskkfsbkgbskgbks.com so that it would never show up in suggestions.