OEM Unlocking iVOOMi Me5 I have iVOOMi Me5. its with Android 7.0, 2GB RAM and 16GB ROM.

In its Developer Options, there is an option to enable OEM unlocking.
If I enable OEM unlocking and USB debugging, 



please let me know, what I can expect?


Will I get root access?
Will I lose all data and installed application?
Will I be able to use my phone in the same android and applications?


With Regards

FewL
OEM unlocking toggle

What this does:


Allows you to run the fastboot oem unlock command from fastboot mode and hence root your phone.


What this does not do:


Wipe your phone
Delete your applications
Clear your data, photos or media
Change your Android version
Root your phone
Anything else


Why you would want to enable this:


If you're rooting your phone, updating the OS or just unlocking your bootloader.


USB Debugging

What this does:


Enables full access to your device from a connected computer (security risk)


What this does not do:


Wipe your phone
Delete your applications
Clear your data, photos or media
Change your Android version
Root your phone
Anything else


Why you would want to enable this:


If you're making use of the adb program to communicate between a computer and your phone. More info.


Final judgement (TL;DR)

I recommend you keep both of these toggles switched off unless you are a developer, are helping a developer or wish to root your phone.