I was looking into this again, and I'm posting a response since this post shows up first (and is somewhat isolated) when searching the forum for "adaptive camera model fitting."
In my experience, enabling this setting seems very useful for projects that include aerial data sets.
Previous Forum Post:
https://www.agisoft.com/forum/index.php?topic=5482.0From the User Manual: "Adaptive camera model fitting: This option enables automatic selection of camera parameters to be included into adjustment based on their reliability estimates. For data sets with strong camera geometry, like images of a building taken from all the sides around, including different levels, it helps to adjust more parameters during initial camera alignment. For data sets with weak camera geometry, like a typical aerial data set, it helps to prevent divergence of some parameters. For example, estimation of radial distortion parameters for data sets with only small central parts covered by the object is very unreliable. When the option is unchecked, Metashape will refine only the fixed set of parameters: focal length, principal point position, three radial distortion coefficients (K1, K2, K3) and two tangential distortion coefficients (P1, P2).